Vice President of the Barbados Chamber of Commerce and Industry (BCCI), Edward Clarke.
EDWARD Clarke, a Vice President of the Barbados Chamber of Commerce and Industry (BCCI) thinks that Tuesday’s Budget will result in some price increases for consumers.
He said so, while participating in a Budget discussion held by the BCCI, at the Hilton yesterday.
“Obviously there is more taxation in this Budget with the $175 million in additional taxation,” Clarke said.
He reasoned, that the impact on the general populace will not just be an increase in the cost of living – It will be two per cent multiplied by the increase in taxes.”
Clarke pointed out that the increase in the cost of living is likely to be closer to three per cent for the general populace. “So those are things that we need to be aware of,” he suggested.
However, he applauded the increase announced for old age pensioners and said it should have been bigger, though he noted, that it is going to be a plus for those pensioners.
Clarke said, that one very positive outcome will be the consideration which Government will be giving to the creation of the duty free zones in the various areas. Saying, that he must thank the Minister for including the proposal; the BCCI member said that it has been five years since the private sector has been pressing for the measure. “So we hope that we get this in place by December 2016 as we have been promised,” he said.
Clarke also touched on the proposal the minister made about making permanent those temporary employees in the public service.
He said, he does not understand how they will be able to employ people across the board. To him, there should be some mechanism to assess the persons before they are appointed to permanent posts. “So I hope it is done in a proper manner,” he stated.
He also called for productivity in Barbados and for the Government to be improved, while also addressing the issues relating to the productive sectors in the economy.
He said, that all in all, it was a give and take budget, with not much specifics on how government will go about implementing the proposals.
Clarke pointed out, that one area where there appears to be differences of opinion – is where the foreign reserves stand.
“I am interested to find out what further announcements will be made on this,” he added. (JB)
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