Govt’s response to price gouging ‘woefully inadequate’ — Walwyn
Former National Democratic Party (NDP) Chairman, Myron Walwyn has advocated for a reduction or suspension of import duties and other fees in the territory.
His suggestion, while examining the government’s recent response to reports of price gouging, was among several interventions he proposed that the government may need to look at in order to mitigate against the current price increases being experienced around the world.
In a recent Facebook post, Walwyn, who served as Education Minister within the former government, said the Russia-Ukraine military conflict “will have implications on food supply and fuel well into 2023 as it stands”.
“Russia is the world’s largest exporter of wheat and Ukraine is the fifth largest. Together they account for 19 per cent of the world’s barley supply, 14 per cent of wheat supply, four per cent of corn and one-third of global cereal exports. Russia is the world’s third-largest producer of petroleum,” Walwyn reasoned.
He then added: “Houston, we have a problem!“
Problem will permeate through the economy
According to the former minister, this problem will permeate every stratum of the local economy. Giving a brief explanation of the economics relating to supply and demand, he noted that prices for items in low supply and high demand will steadily rise to meet the consumer’s expected demand.
“When the cost of doing business increases, businesses often assess their operations with a view to cutting cost and for most businesses, the labour cost is the first area that gets attention,” the former legislator argued.
He continued: “The knock-on effect of reduced work hours and possible layoffs will take a toll on every area of the economy. The stark reality of business in an economy like the BVI is that you cannot pass on every increase in the cost of business to the consumer. The market cannot always absorb it.”
Government’s interventions woefully inadequate
Walwyn said while the planned interventions proposed by the Andrew Fahie-led government may be well-intentioned, they are “woefully inadequate”.
He called for a much higher level of intervention and said the government must do its part to keep the local economy intact.
“It must look at the current import duties and other fees with a view to reduce or suspend some of them. It must address the matter of the fuel variation charge on electricity,” Walwyn argued.
He also insisted that government must find ways to assist businesses to better access capital for operational purposes and meet with the business community to see how best they can assist businesses to ride out the current proverbial storm.
“The local business community has been under severe strain since 2017 and is in need of major support. The COVID stimulus, unfortunately, did very little to help businesses to keep their doors opened,” the former legislator posited.
He added: “We can get through this but it will call for strong, thoughtful and inclusive leadership. I hope that we can rise to the occasion.”
Gov’t establishes task force to police against price gouging
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the big guy is interested In , I listened to NATalEO on TV last night
and he has just discovered AGRICULTURE ? (HOPEFULLY ) he did offend his master / who prefer WEED ?
Thanks for your contribution Myron. More needs to be done in addition to what the government has done. They have a responsibility to keep the economy moving. The government of Barbados has decided to absorb the additional fuel cost rather than passing it on to consumers. They have reduced freight and other charges on petroleum products. This is the kind of action that is needed and yes we must ensure that the savings are passed on to the consumers. Hon. Premier’s was not hopeful. The government showed no leadership at all and did not play their role in keeping the economy alive.
Very insightful information. Hopefully the government will listen.
Listen wha… their ego so big they they will turn down good ideas because of who said it.
The Premier’s solution shows how little he and his administration understand business and economics. That he didn’t cut government costs during the lock down, like reducing government employee hours and pay, shows how little concern he has for the well being of our economy; businesses hurting and his spending increased.
Social Security has to say NO to giving or lending more money to this government. It is our money, everyone who has paid in and is receiving benefits, and the SS Board needs to responsibly manage that money for us and future recipients. Instead of give millions to the government increase the payout to recipients so it has a direct beneficial effect on the economy, instead of being squandered by government. THIS IS NOT YOUR MONEY TO GIVE AWAY EXCEPT TO BENEFICIARIES!!
DAT MEK SENSE???????
NOOOOOO WALWYN, let me tell you what mek sense sincr you meking the notion dat man can’t lead!
Keep outta government business and the country will be just fine.
I would have rather see you writing BVI have some of the richest soil in the Caribbean hence literally we should put our money where our mouth is. Who the crap want to buy wheat from all the way Russia? On top of that who from the BVI go to Russia to shop on a whole?
I can bet my last dollar not even you! So really what you saying DON’T mek sense!
Walwyn, lets talk about solutions with direct impact to the economy and the consumers. Remember when granny use to bake hot bread and we use to can’t wait to but a bit of butter in between it when it come out hot??? Let’s get back to basics. what happening around the world will affect us indirectly but we as a people can directly curve the threat by improving on our agriculture, home training of our children to show them that the old way of doing things will eventually be the new way of solving many of our situations.
This government within 3 years have done a lot through the biggest pandemic and I will not change my vote because you are looking at Russia war to justify you raising your prices in your restaurant and calling for inclusive leadership! If you feel left out well lets get the ball rolling by bringing good ideas and stop the cut throat tactics to full your belly because what you saying is pure hot air.
Are you even a real person? That long post didn’t make me drop of sense.
This really shows your all-out ignorance. Should be illegal to be this ignorant. Go to any of the supermarkets – the wheat items you are purchasing, chances are their base ingredients come from one of those countries that are involved in this conflict. But yall people wouldn’t know anything about that because you make absolutely nothing.
Sounding like you desperately need Andrew in office so you can get your share. Go learn to fish!!!
I always enjoy your commentary Myron. Always well thought out and well put together. Your voice and leadership is needed.
Set up a government run national distributor. It would negotiate items in bulk and then sell to local resellers.
Things like paper products, bottled water, sugar, take-out boxes, ect…
There are many types of items that would work for this in the BVI.
They have a similar system in Canada for remote communities to provide essentials and manage the price.
Walwyn Maybe its just talk but you speak like a true leader, I was a NDP fan for a while then I change because of all that was going on. The same thing you suggested Andrew Fahie if was a good leader he would have done these things. Walwyn said while the planned interventions proposed by the Andrew Fahie-led government may be well-intentioned, they are “woefully inadequate”.
He called for a much higher level of intervention and said the government must do its part to keep the local economy intact.
“It must look at the current import duties and other fees with a view to reduce or suspend some of them. It must address the matter of the fuel variation charge on electricity,” Walwyn argued.
He also insisted that government must find ways to assist businesses to better access capital for operational purposes and meet with the business community to see how best they can assist businesses to ride out the current proverbial storm. The NDP were Choir boys compare to the very corrupt VIP government they are forever changing laws and rules to suit themselves friends and family. Seems like every move Andrew Fahie makes now is all about campaigning for 2023 or sooner.
Now he wants the SSB to pay for his campaign projects. UK most people of the BVI welcome you with open arms.
The majority welcomes UK. Call the election as per constitutionally due but hold on for us for the months after April 19th. This is la la land.
These are some good points raised by Myron. We truly can get through this if we work together.
It must be election time every cockroach has the answer after failing us for 8 years
Myron go home
Listen to yourself. You sound extremely ignorant. You do not speak for me and the many other BVIslanders who do not subscribe to your xenophobic behavior. I bet you would not go under his Facebook page and write such a thing because you know that your identity would be revealed and you would be shamed for being such a fool. I am ashamed for and of people like you. Go and hide somewhere please.
yes he need to go antigua
He need to go in yuh mudd**. Old moo moo
Not a local want to hear f man
Myron born right here. We went to school together so if you don’t know what you talking about I suggest you shut up. I wish you were not born here because I can’t believe we got fools like you around. No wonder the place is a mess.
yeah rite we agree with and the BIG GUY = let’s just eat ,smoke and drink
WEED ( why so much hatred against this guy ?, he born YA ?
I watching to see who all out here defending us so I could know how to put my X. Good points Myron
Do you see the kind of problem we are up against here in BVI. Most people are seriously deficient when it comes to comprehension. Don’t forget dey bad mind. Thanks for your breath of fresh air contribution Mr. Walwyn.
You are missing from the House of Assembly. Many are thinking it but afraid to say it publicly.
Missing my rass!! A man who say nothing he could do to protect locals ?? I will never want him back ever again in the house of assembly
Hon. Walwyn is spot on. Yes, I said Hon. Walwyn because after next election I’m confident he will be back in HOA representing us. The funny thing is that we are suffering under this inept administration because so many people, even within his own party just didn’t want this man to be Premier. It had nothing to do with ability, experience, leadership skills, it was all nastiness and look where it got us. Some saw it best to start an entirely new party even though it obviously made zero sense, than to team up with Walwyn to run the affairs of the Territory, that says a lot. I don’t agree with everything he says or has done but show me another one of the current politicians that can walk in his shoes, there aren’t many.
100% Facts!
yes he need to go antigua
He need to go in yuh mudd**. Old fool.
You sound so foolish you sound like you exist in the cave age .Hate is obviously consuming you mind and cannot get pass the bigger picture .
I bet you do not have one ounce of sense in your pea brain . You thinking is not going past your nose . Read and educate yourself on the changing fabric of the population. Then you stop you prejudice . You lead a sad life with such consuming thinking
I am ready to vote you back in. Come through Walwyn!
Walwyn waste of time. Feed himself while he was in office now he talking about wheat from Russia.
Give me a break.
Well if Myron feed himself while in office which is a lie by the way, then Andrew, Sheep, Carvin and the rest of them got extra obese from feeding themselves now.
We screwed in this place… listen to how some of these idiots in the comments can’t even accept ideas that ultimately would benefit them and the economy just because they don’t think the person that say it from here. The funny thing is he from right here! Poor us messon.
WHERE YOU DAD FROM ? )
WIGO IS YOU I MEAN , WHY YOU DON’T TAKE A BLEACH LIKE COLOR OF YOUR WIG,NI**A ?
I like your musings. I always learn something new. I admire the intelligence of this man.
Myron and his silly hot air nothing he said make sense
You could read and comprehend at all? If you could you wouldn’t make this post.
Amazing, would help if this man settle his OWN DEBTS before taking the stand