Our economy was on the brink of a collapse. The SLP Government has a consistent track record of causing either economic stagnation or economic degradation – and the last five years is no different. Moreover, our economy had consistently performed worse among the Eastern Caribbean Currency Union under Labour
causing us to lose our enviable leading position among member states. In essence, Labour does not have the ability to grow the economy, and must take responsibility for increased job losses. Instead of growing the economy, the Labour Government is notorious for engaging in massive borrowing and mismanagement
of public funds in both cost over-runs and unsustainable social programmes, thereby seriously increasing the debt level of our country.
ECONOMIC GROWTH
The United Workers Party (UWP) believes that polices geared towards growing or expanding the economy will bring benefits to all citizens and to all sectors of the economy. Our expanded economy has increased income; created long-term and sustainable jobs; and reversed our unsustainable debt to manageable levels.
The main objective
is to increase living standards through increased employment and wealth.
Specifically, the UWP has:
- Economic Growth Recorded in 2016,2017,2018 and 2019
- Reduction in Youth Unemployment from 45% to 33%
- Reduction in Unemployment to 16%
- Increased Government Yearly Revenue from $900 Million in 2016 to $1.1Billion in 2019
- Reduced Debt to GDP to 60% Pre COVID-19
- Reduced VAT to 12.5%
- Frozen Personal Property Tax for 5 Years
- Borrowed Less than the SLP and Did more than the did
- Introduced a Debt Management Strategy for the First time
- Implemented the Medium Term Development Strategy
- Lowered Vehicle License Fees
- Passage of Fiscal Incentives for Local Businesses
- Waiver of VAT on Imports for Local Manufacturers