Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Govt’s response to price gouging ‘woefully inadequate’ - Walwyn

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.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
×