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Premier cites Financial Policy as biggest feat so far, says major spending on Nat’l security

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Providenciales, TCI, February 20, 2017 – Now over the halfway mark of the ‘first 100 days’, the PDM Administration is counting its work on the budget their biggest achievement so far since taking office.

In a one on one with Magnetic Media on Saturday during the Middle Caicos Valentine’s Day Cup, Premier and Finance Minister, Sharlene Robinson revealed that work had stopped on the country’s budget due to General Elections but that on Friday, the Fiscal Strategic Policy Statement (FSPS) was sent to London and that the new budget year will have a late start.

“We had a very little time to actually put our fullprint on it, but we made sure that with our capital projects, people will feel a PDM government.  And also in the recurring expenditure that’s what I had said earlier that we will be looking at National Security.  So we had a very short time to prepare the budget, because we have to be time sensitive it’s going be late, we intend to bring it to the house May, we have to bring it before July.”

A cry of the public had been that they were not feeling the spending.  Magnetic Media asked the Premier if the budget will live up to the change her party touted; she says it will:  “So you can look forward to feeling it, you can feel us in this first budget.  What you’re going to see is a lot of projects still continuing, and we want to continue those projects that we thought are in the best interest of the people.”

Bigger ticket items in the allocation of funds will support national security said the Premier.  “Our priorities will certainly be in National Security, anything to do with National Security we’re going to be responding as much as we can in this budget.  What they’re also going to see from us is a controlling of expenditure in terms of putting it in the right place.  And that’s what we have to do, we have to use our resources smartly.”

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UK Prime Minister Liz Truss forced to break tax cut promise

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By Dana Malcolm

Staff Writer

 

#UnitedKingdom, October 6, 2022 – A month into her tenure as Liz Truss, UK Prime Minister is going back on one of her biggest campaign promises to cut taxes for certain British citizens.

The tax cut in question had been part of the PMs signature campaign to ease the economic burden in the UK and one that she and former Finance Minister and candidate for Prime Minister Rishi Sunak had repeatedly clashed about. It would have seen the top earners, meaning anyone bringing in over £150 thousand a year, pay less money to the government.

Unfortunately the plan rocked Britain’s economy pushing the pound on par with the US dollar for the first time in years.

It is an economic blow, and at a time when families are already struggling with incredibly high energy bills and inflation. The money to find these tax cuts would have been borrowed an idea that her own party signaled it would vote against.  In addition to the economic impacts British citizens had also been strongly opposed to that facet of the economic plans.

In letting go of the tax cut, Truss said, “We get it and we have listened” the admission coming days after she defended it to the public.

Still there are parts of the larger package that will still go on which will afford tax cuts to lower income families and put a cap on energy costs.

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Bahamas News

Regressive recession looming, forces UN to issue Cease and Desist message to ‘big’ countries

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By Dana Malcolm

Staff Writer

 

October 6, 2022 – Central Banks in advanced nations must stop pushing up interest rates now or risk sending the globe into recession where developing nations suffer most according to the UN.

In the last several months, The U.S. Federal Reserve, the Bank of England and Bank of Canada have all spiked interest rates in an effort to control borrowing power, buying power and possibly push down inflation

A new report from the United Nations Conference on Trade and Development is warning them to cease and desist.

“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies.”  It said, mincing no words, the agency described the potential global recession as ‘policy induced’ by developed countries.   And this recession could be worse than the 2008 crisis.  This is especially true for developing countries like those in the Caribbean.

“While all regions will be affected, alarm bells are ringing most for developing countries, many of which are edging closer to debt default.” The agency said.

And if it happens the recession could set developing nations back years in the struggle to increase their standards of living.

“As climate stress intensifies, so do losses and damage inside vulnerable economies that lack the fiscal space to deal with disasters let alone invest in their own long-term development— The global slowdown will further expose developing countries to a cascade of debt, health, and climate crises.”

If the globe proceeds as is the world will lose 20 percent of its income by and push developing economies growth rate below 3 percent which the UN says  is ‘insufficient for sustainable development’

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Caribbean News

Inaugural FinTech Conference on now in Barbados

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By Sherrica Thompson

Staff Writer

 

#Barbados, October 6, 2022 – Barbados is now hosting the first-ever global fintech conference in the Caribbean.

Over 300 delegates from across the globe and varying sectors within the industry will be attending the event. It began on Wednesday October 5, concluding October  7 and is being staged at the Hilton Barbados.

The Fintech Islands conference will feature renowned fintech leaders delivering key addresses and over 20 hours of curated content. The mandate of the event is to create a world-class event that will be a catalyst for the growth of the fintech ecosystem in the Caribbean.

One major highlight of the conference will be the welcome address by the Prime Minister of Barbados, Mia Mottley, who will also host an exclusive VIP meet and greet.

Some of the major themes of the event that are relevant to the context of the Caribbean venue are Financial Inclusion, Climate Fintech, Cryptocurrencies and Decentralised Finance and Embedded and Open Finance.

The event will have a range of speakers from founders, CEOs and fintech leaders from North America, Latin America (LATAM), Europe and Africa.

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