NSRL better than lay offs, says Stuart

Prime Minister Freundel Stuart says he understands the cries of residents and businesses alike over the $542 million austerity package announced by Minister of Finance Chris Sinckler in his recent Budget.

However, speaking on the sidelines of the just-concluded Caribbean Community (CARICOM) Heads of Government Summit in Grenada, Stuart suggested that the measures amounted to a necessary evil, while acknowledging that they were likely to have a deleterious effect on the overall cost of living in Barbados.

Among the measures announced in the May 30 Financial Statement and Budgetary Proposals were an increase in the National Social Responsibility Levy from two per cent to ten per cent, a two per cent tax on all foreign exchange transactions and a hike in tax on fuels, with the International Monetary Fund (IMF) currently forecasting that the island’s overall economic growth will slow to less than one per cent this year, reflecting the fiscal consolidation efforts introduced in the Budget.

The IMF has also warned that domestic inflation, which stood at 3.2 per at the end of last year, is likely to double to 6.7 per cent by the end of 2017, amid concerns being expressed by individuals and businesses that they simply will not be able to cope.

However, Stuart argued that while no government enjoyed having to increase taxes, it was better than having to send home workers.

“It is better, I think to be going to work every day and having to deal with a higher price here or higher price there than not to be going to work and having to deal with the same prices anyhow. And of course if you are not going to work you can’t deal with the prices at all. You can’t get the things you want,” Stuart said, while adding that the current public outcry was “understandable”.

He also maintained that the economic problems facing Barbados were not as a result of local circumstances, but said he was confident they would eventually stabilize.

“The point has to be made over and over and over again, the last ten years have been the most difficult years for the entire Caribbean since the 1930s. And that was not of Barbados’ creation or Guyana’s creation or Jamaica’s creation. This happened outside of the Caribbean but we have been feeling the effects in the Caribbean and we just have to ride this through and I am sure when all is said and done, life will get somewhere near back to the normal to which we have been accustomed,” the prime minister assured. 

24 Responses to NSRL better than lay offs, says Stuart

  1. Dré DeCarlo
    Dré DeCarlo July 8, 2017 at 12:27 am

    Cretinous degenerate.

    Reply
  2. Epaphras D. Williams
    Epaphras D. Williams July 8, 2017 at 12:46 am

    “It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the tax rates.”–John F. Kennedy

    Reply
  3. Rommel Parris
    Rommel Parris July 8, 2017 at 1:16 am

    The way we are might as wells be laid off

    Reply
  4. Sheldine Dyall
    Sheldine Dyall July 8, 2017 at 2:17 am

    Lay off still happening, and new people getting jobs

    Reply
  5. Duane Burke
    Duane Burke July 8, 2017 at 3:21 am

    There will be layoffs just not in the Public Sector. Companies will close or reduce in size especially in the manufacturing sector. We have already started to see the Domino effect (expected) with the Kadooment bands.

    Reply
  6. Duane Burke
    Duane Burke July 8, 2017 at 3:33 am

    The Public Sector does not earn. Companies produce the revenue to pay for Government services. If Companies will reduce in size or close altogether. This will then lead to loss of jobs in the Public Sector anyways. So this measure only delays the inevitable except in the meantime destroys the economy for everyone including the Public Sector. Theirs and everyone else is being cut by 12-15% There were many other ways. The report requested by the PM was ignored despite being produced by Public Servants, Unions, Professionals and 2 representatives of the Private Sector. There were savings to be had in many areas and had a focus on the social aspect. The consensus appears to be that the measures are illogical and will produce the opposite of what it says it will with catastrophic results. The term “pain with no gain” was coined. I am very concerned with these measures. The most I have ever been. Moreso than 1991 or in 2008 with the world crisis.

    Reply
  7. Ladyann Gill
    Ladyann Gill July 8, 2017 at 5:00 am

    This same nsrl going to back fire on them, and it Start already, cause some bands out of crop over and ppl going watch how them spend, and the less we send the less tax them get, and if ppl get send home cause them ain’t got money to spend either, less tax again. Everytime I spend money I does remember them and get vex and monitor my spending only to necessities.

    Reply
  8. Arthur Collymore
    Arthur Collymore July 8, 2017 at 6:14 am

    NSRL better than lay-offs for DEM, politically speaking.Economically, the comment makes no sense if the same NSRL will shrink the economy & lead to job losses in both the private & public sectors. We are faced with this double-choice dilemma because of a classic case of DLP mismanagement. Another example when our PM is looking for a solution that will reap havoc economically while shielding DEM politically. The lay-off will still occur & with it the further deterioration of the economy. Then our sacrifices would have been in vain.

    Reply
  9. Jane Burnett
    Jane Burnett July 8, 2017 at 6:35 am

    Everyday reading comments and bajans doing what they are best at TALK AND NO ACTION JUST LIKE THE GOVERNMENT THAT THEY WANTED

    Reply
  10. Roschell Small
    Roschell Small July 8, 2017 at 6:36 am

    As the people does say the prime minister does only speak on issues when he outside of the country. I can’t wait until Election Day.

    Reply
  11. Sarah Pomeranz Layne
    Sarah Pomeranz Layne July 8, 2017 at 6:41 am

    You keep drinking the Cool-aid Mr Stuart. . You and Mr Sinckler .. have effectively sunk this ship. .. you higher taxes will cause us to buy less because we can’t afford things any more. Tourist will stop coming because we aren’t a quality special destination for only the rich any longer; but not afford to visit here, those tourist will have to have money at the end of the day, your higher taxes will earn you less in revenue for all and your people will naturally be out of a job.. and that includes you.. and I move for legislation by the people that once you are out, you receive no income from the government. You will have to live as your people will have to live and feel our pain. ..

    Reply
    • Sunil Brome
      Sunil Brome July 8, 2017 at 7:22 am

      That cool aid spiked?

      Reply
    • Sarah Pomeranz Layne
      Sarah Pomeranz Layne July 8, 2017 at 7:30 am

      Sunil Brome .. it’s a reference to the Jim Jones Guyana cult of years ago.. .. someone’s feeding him BS ..or he is believing in his own BS.

      Reply
    • Sunil Brome
      Sunil Brome July 8, 2017 at 7:32 am

      Ye ye i get the reference…i think we are too late he drank too much.

      Reply
  12. Lilian Lloyd
    Lilian Lloyd July 8, 2017 at 6:59 am

    FRUNDEL

    Reply
  13. Aquarius Rastress
    Aquarius Rastress July 8, 2017 at 7:12 am

    I so can’t teck this man stupseee

    Reply
  14. Sunil Brome
    Sunil Brome July 8, 2017 at 7:21 am

    Government lay offs may not happen but as retailers and businesses alike feel the pinch of a further depressed economy layoffs are still going to come, unfortunately. So please PM if you have nothing to say let us have a long moment of silence for the death of our economy.

    Reply
  15. Anna Bovell
    Anna Bovell July 8, 2017 at 7:34 am

    When Public Sector reform is actually demanded… NO IT ISN’T.They are doing what’s best for their re-election prospect not what’s best for the country.

    Reply
  16. Eileene Jordan
    Eileene Jordan July 8, 2017 at 8:15 am

    What foolishness you talk Mr. Stuart you feel the people foolish how the NSRL better than lay-offs wanna start to lay off people already.

    Reply
  17. Jackie Griffith
    Jackie Griffith July 8, 2017 at 8:39 am

    Words of wisdom once again from our &$# leader.

    Reply
  18. Helicopter(8P) July 11, 2017 at 9:50 am

    In the new paperless and robotic world Lord show us a way! Even the computers have a computer engineer and doctor that is a computer itself!

    Reply

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