CIC gives thoughts on budget

The Chamber of Industry and Commerce (CIC) is concerned that the 2010 Budget “did not present Government’s position on certain key issues” likely to affect private sector.{{more}}

Angus Steele, President of the CIC, expressed disappointment with what he saw as shortcomings of the Budget on Wednesday, February 3, at a luncheon held at the CIC’s Conference Room to discuss the Budget.

Steele, who also holds the Chief Executive post at LIME, charged that Government failed to provide an update on the $25 million that was allocated in the 2009 Budget for small businesses; failed to outline plans to address the challenges of the banana industry; and did not state specific plans for stimulating the manufacturing industry.

Steele added that the Government, in the Budget, failed to give a concise update to businesses and individuals affected by the British American Insurance Company saga.

Adding to the list where the CIC believes the Budget fell short, Steele noted that no specific plans were given to address crime and violence in the society and the overall decay of respect for law and order.

This was the case, said Steele, even though some sections of the budget indicate improvement in police stations, the purchase of three coast guard vessels, and the creation of 48 new posts for police officers.

According to Steele, the CIC does not think this effectively changes the infrastructure or strengthens it to regain the full confidence of the public on the issue of crime.

Steele stated the CIC is also concerned about Government’s ability to raise the necessary capital investments, grant funds, soft loans, as well as local revenue collections to sustain this year’s budget and reduce the public debt.

He said this is against a backdrop that there was no mention of plans to strengthen the government’s ability to tighten the collection of taxes, and other sources of income.

Amidst the criticism, Steele praised the government for its ongoing work on air travel, the Argyle International Airport, and the E.T Joshua Airport.

The CIC, said Steele, also applauds the government’s efforts to reduce the burden on citizens and businesses by introducing new initiatives such as the removal of the $1 Grenadines Port user fee; the removal of VAT from chicken parts and whole chicken, as well as imported animal feeds; and the reduction in the basic charge of electricity for the hotel industry.

Following these initiatives, Steele said the CIC expected to see the changes filter down into the prices that consumers pay.(HN)