Budget gets a ‘D’ rating

By Jonathan Daniel
| Sun, July 01, 2012 - 12:00 AM

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Initially, i gave the Budget a B rating.

After hearing the response by Miss Mia Mottley on the poor performance of the Barbados economy, especially as it related to other Caricom countries, particularly in tourism, I gave it a D.

The proposal to provide $50 million for hotel refurbishment is laughable. Construction drives an economy and here was an opportunity to lend money to hoteliers to generate construction employment. In addition, the Minister of Finance should have provided an incentive for first-time, newly constructed properties under a certain price (less imported finishes) to purchase.

The policy of keeping VAT over and above the limit necessary to meet Government’s objectives is similar to price gouging. Maybe consideration should have been given to changes in the vat system with certain necessities at a lower rate.

The policy of the Barbados National Oil Company selling fuel at world market price is unacceptable when we are all suffering and can’t meet our electricity bill.

There is no point in charging wealthy people who want to live in Barbados a fee, thus introducing deterrents. Wealthy people who want to live here, have a property here and should be seen as long-term visitors who bring foreign exchange monthly to meet their commitments.