The T&T Chamber of Industry and Commerce is calling on the Government and State entities to carefully review the impact of recommendations being addressed in the context of all citizens.
In a statement it referred to a “series of issues” including increased fuel prices, increased electricity rates, property tax and overall inflation.
The Chamber says while it understands the necessity to increase revenue generation to continue with the national development plan, there must be caution and consideration for consumers.
It warns that “ultimately, this can have negative impacts on people if these costs are compounded and applied simultaneously.”
The Chamber says there is a need to promote a balanced approach which does not lead to unnecessary hardships, particularly for the lower income sector and the vulnerable.
Its statement goes on to point out that local businesses continue to operate with a degree of uncertainty due to many external factors, and points to “the foreign exchange dilemma and challenges with food security” as well as an escalation in crime that has resulted in increases in operational costs and a noticeable change in consumer patterns.
The Chamber believes there is the risk of a vicious cycle developing where there is a decrease in disposable income, a decrease in companies’ ability to purchase goods and reinvest and a further surge in crime as the result.
It adds, “We suggest that there should be an analysis and close collaboration between ministries and state entities with regard to all decisions being taken.”