ACTIONS HAVE CONSEQUENCES

ACTIONS HAVE CONSEQUENCES When you are the government, your words, actions and inaction have consequences on the lives of the citizens. Seriousness and integrity are essential in the exercise of governance. I hope never again to see ascending to political office, persons of whatever political persuasion, whose agenda is more important than the well-being of our people; and officeholders of questionable competence. We the people suffer. Downgrades are injurious to the economy and therefore to the people. The impact and relevance of downgrades were denied and downplayed. Mariano Brown warned about the dangers to the offshore sector, and the need for urgent steps to safeguard it by restoring the investment grade. Now Sagicor has been injured. There is a switch in the tune we can hear now from the government a new found urgency to regain our investment grade. The offshore sector was introduced under Tom Adams, and nurtured by Bernard St. John. Barbados carefully built a sector of quality clients to minimise money-launderers in our jurisdiction, so planning was the watchword. Sticking to the principles of care, Owen Arthur accelerated the growth to diversify the economy. The sector quantum leaped and provided $600m to government revenues which supported social services, high-paying jobs which expanded the middle class and spurred small business formation. Business were leaving before the downgrading began. What happens now? What does it need – good business facilitation; up-to-date enabling legislation; safe functional jurisdiction with the chief assets of a reliable financial system, stable and responsive government; vigorous defence against international attacks on the market and a prosperous society which offers quality of life to offshore employees. It needs a Minister who will work and not talk. What happened? In’tl financial crisis sent money scampering from the traditional seeking fresh jurisdictions. Did we intensify our activity in the offshore market? Did we bring new products and legislation to bear to capitalise on the loss in the major markets? No the industry complained of no action by government and loss of $2b in earnings and over 2000 high-paying jobs. This was in middle of our meltdown with a government whining about international recession being the cause of our problems. Where are we now? Well two years into the second term, the report card said meetings were held; licences were no longer required to be renewed yearly. Still to be addressed the attack by Canada since early last year; improved business facilitation; new legislation, more agreements, more promotion, and THE REPAIR OF OUR INVESTMENT GRADE. Where is the action and where is the plan?