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‘A lot of people suffering’ over rising prices in VI- Hon Smith
During the Continuation of the Sixth Sitting of the Fourth Session of the Fourth House of Assembly on August 9, 2022, during the debate on a 5% reduction on customs duties, Hon Smith said VI legislators must ensure savings are passed on to legislators.
“Prices are really ridiculous, you cannot go in the supermarket and buy anything for $100 anymore, with $100 you coming out with one bag, so we have to make sure that this happens because a lot of people really suffering over this,” Hon Smith said.
“Unless we put measures in place to keep an eye on what’s going on, it will happen again… We have to make sure that when we get this break, we also give a break to customers,” he added.
Cost of goods higher in VI
Meanwhile, Opposition Member Hon Carvin Malone (AL) said he has had conversations and debates on how to reduce the cost of items coming to the VI, pointing to supply and shipping reasons as one of the reasons.
"I go to other places, and the cost to get it [goods] there is muss less than the cost to get it here in the BVI, they think we have more money," he added.
Hon Malone said that translates to 'pressure' and it is visible on every shelf and for every item in VI stores.
The Opposition Member said legislators need to sit around the table and find a balance between offering relief that reduces government revenues since those reliefs often do not make it to consumers.
"It 5% here, 5% there, can't really see it on the shelf because it's 20% by the time it reaches you, and when you look at it, government coffers are down," he said.
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39 Responses to “‘A lot of people suffering’ over rising prices in VI- Hon Smith”
To me, government have few cards to play in lowering/easing the cost of living. It can reduce custom duty, hoping that merchants will pass on the savings to consumers. This action can lower government revenue, impacting delivery of services. It will have to weigh revenue v. residents assistance. It can try persuading merchants to take lower profit. That may be a heavy lift. It can try UBI (Universal Basic Income), ie, provide residents at the low end of economic ladder with a monthly cost of living allowance. For others, the UBI can be means tested. It can run for 3-6 months or until inflation stabilizes, whichever comes first. Yes, the UBI has a socialist tinge but people are suffering and worrying about being able to meet basic needs, not economic ideology.
1. The BVI operates on capitalism
2. The BVI government is broke
3. Universal Basic Income is a novel and theoretical idea for the BVI.
The UBI has promise to help the truly needy at the bottom of economic ladder. The questions I would have include: a) what would it cost the government, b) who would qualify, c) what would the ceiling of the allocation, d) what is the duration of allocation, e) how do taxpayers feel about such a programme or plan of action. I must admit that UBI is thinking outside the box.
The pandemic is now endemic. They are no longer observing Covid rules so why are we still paying Covid prices? Even with the increase in gas prices being considered, ferry travel to the USVI is still wayyyyyyy too expensive.
the politicians who comes to your door just before an election once elections done all the political visits and phone calls gone
Consequently the person retiring at present pension payment will be higher