NASSAU| According to PLP Deputy Leader Chester Cooper, the reduction of VAT to 10%, as promoted by the party’s new Economic Plan, will help to get the economy going again after recent years of increase decline.
It’s major goal in the short term is to put consumers in a position to afford a little more of what they need.
Cooper, while launching the unique plan last Sunday, said there is an urgent need to stabilize the public finances and the party’s first step is to conduct a full, rapid assessment of the nation’s finances to know the ‘true’ state of things. This, he is convinced can and will be done in the first 15 days when the PLP is returned to government.
In addition to the VAT reduction, the Deputy Leader also revealed how the plan intends to re-introduce the Rise pre-paid debit card. With this initiative, people will be able to buy food from shops all around the country with dignity and will give assistance to hundreds of small businesses struggling to stay afloat.
Another main objective of the plan Cooper noted, is to avoid allowing the crisis in homelessness to grow in the country. “Where landlords are relying on rent to pay mortgages, we will work with lenders to reschedule their payments to avoid defaults,” he said.
“We will work with banks to keep home-owners in their homes, delaying a portion of mortgage payments for qualifying individuals until the economic recovery is underway.”