{"id":146047,"date":"2022-02-04T17:37:37","date_gmt":"2022-02-04T21:37:37","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=146047"},"modified":"2022-02-04T17:37:37","modified_gmt":"2022-02-04T21:37:37","slug":"analysts-wary-of-brownes-budget-2022-promises-and-voice-concerns-over-hidden-taxes-inflation-and-over-reliance-on-tourism","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/analysts-wary-of-brownes-budget-2022-promises-and-voice-concerns-over-hidden-taxes-inflation-and-over-reliance-on-tourism\/","title":{"rendered":"Analysts wary of Browne\u2019s Budget-2022 promises and voice concerns over hidden taxes, inflation, and over-reliance on tourism"},"content":{"rendered":"
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Having heard the 2022 Budget Presentation, some local pundits are expressing reservations about the country\u2019s new borrowings, saying that certain plans of the Government are simply not credible.<\/p>

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First, they tell REAL News, while the Administration plans to borrow US$200 million for the purpose of stimulating the economy, the disbursement plan provides no clarity on how, exactly, relief will reach those who most need it.<\/p>\n

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And while Finance Minister Gaston Browne says there will be no new taxes levied on the people, the analysts are concerned that the high cost of fuel and electricity are, themselves, hidden taxes.<\/p>

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More troubling, they point out, is the fact that inflation \u2013 which they accuse the Administration of failing to address \u2013 is already \u201ceating up workers\u2019 spending power.\u201d<\/p>

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Residents are complaining daily about rising prices, particularly for food, and Political Leader Harold Lovell has pledged that a United Progressive Party Administration will address this.<\/p>\n

He has promised to reduce the duty on imported food and remove it altogether where feasible \u2013 noting that \u201ca government that says it can do nothing is admitting that it is impotent.\u201d<\/p>

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At the Party\u2019s second campaign rally, held Thursday night, Lovell said the cost of doing business in Antigua and Barbuda is also driving up the price of consumer goods.<\/p>\n

He revealed that handling of a 20-foot container incurs a cost of US$720 at our Port, whereas, in St. Lucia, it costs US$350 to handle a container of 40-foot capacity.<\/p>

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These are the factors contributing to inflation, Lovell says, and a responsible government must devise ways to reduce it.<\/p>

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In the meantime, the pundits say, the Budget Presentation did not indicate a \u201cclear timeline on public sector wage-increase negotiations.\u201d<\/p>\n

Accordingly, a large percentage of the working population will continue to see its spending capacity dwindle, even as contributions to Social Security edge upwards annually.<\/p>\n

They also took aim at the Finance Minister\u2019s promise that the \u201cfew\u201d who are still unemployed due to the pandemic will be put back to work this year. \u00a0The fact that \u201cthere is no plan\u201d to make this happen makes his statement not credible, they say.<\/p>\n

And, added to that, they note that \u201cover 1,000 small businesses were allowed to fail due to the Government\u2019s lack of protection during the worst of COVID.\u201d<\/p>\n

Accordingly, the analysts say, Browne\u2019s \u201cover-reliance on tourism and lack of economic diversity\u201d will make his promises difficult, if not impossible, to fulfill.<\/p>\n

Meanwhile, a member of the Diaspora in Canada is cautioning Antiguans and Barbudans to approach Browne\u2019s Budget promises very carefully.<\/p>\n

He notes that the Canadian Federal Government has already approved hikes in interest rates and that some degree of global recession is very likely by the end of 2022.\u00a0\u2014 REAL NEWS<\/em><\/p>\n

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Having heard the 2022 Budget Presentation, some local pundits are expressing reservations about the country\u2019s new borrowings, saying that certain plans of the Government are simply not credible. First, they tell REAL News, while the Administration plans to borrow US$200 million for the purpose of stimulating the economy, the disbursement plan provides no clarity on […]<\/p>\n","protected":false},"author":3,"featured_media":145943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-146047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAnalysts wary of Browne\u2019s Budget-2022 promises and voice concerns over hidden taxes, inflation, and over-reliance on tourism - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/analysts-wary-of-brownes-budget-2022-promises-and-voice-concerns-over-hidden-taxes-inflation-and-over-reliance-on-tourism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analysts wary of Browne\u2019s Budget-2022 promises and voice concerns over hidden taxes, inflation, and over-reliance on tourism\" \/>\n<meta property=\"og:description\" content=\"Having heard the 2022 Budget Presentation, some local pundits are expressing reservations about the country\u2019s new borrowings, saying that certain plans of the Government are simply not credible. 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