Businessman Peter George has a ‘Marshall Plan’ to restart the economy and it involves government paying $2,000 to working citizens between the ages of 18 and 55.
In a letter sent to both Prime Minister Dr Keith Rowley and Finance Minister Colm Imbert, George, who owns a number of high-end restaurants, has outlined a “ TT$6.45 billion dollar COVID-19 Marshall plan” aimed at stabilizing, incentivizing and stimulating business activity.
In the letter dated June 8, George said an unconventional approach was needed to treat with the devastating effects of the pandemic which has undermined the economy.
“The contraction experienced in the last 15 months has been extremely sharp and destabilizing and came on the heels of an already threatening economic stagnation since 2008.”
George said several hundred thousand citizens have had much if not all of their savings eroded and face a mountain of commitments in the ensuing months and as such, he proposed that government give “$2,000 per adult per household and $1,000 per additional child for a period of six months (by end of month 2 all must have registered with BIR in order to qualify for the last 4 months – this way GORTT can build a proper database).”
He also recommended a 5-year income tax holiday on new business start-ups, saying “The objective of this initiative/incentive is to drive and encourage new business starts to make up for the countless thousands that have closed.”
George said the measures were taken and customized from the playbook of the country’s foreign developed partners and noted that while we did not have the expansionary capacity of those nations, all financial tools at the country’s disposal must be used in the recovery efforts.