Chamber expresses position against the budget

The budget has been approved and it’s not only the opposition party that found issues with it. On Thursday the private sector wrote to the Prime Minister expressing their position against the budget.  In an eight page letter, the Chamber Commerce raises serious concerns that the government intends to spend more than it earns, by some sixty-four million dollars, excluding financing requirements which expands the budget deficit to over a hundred and twenty-four million dollars. In this backdrop, the Chamber points out that a survey it conducted this month reveals that businesses were enduring a challenging time.  Sixty-six percent of businesses had to borrow from the bank in the past year to cover expenses.  Aside from that, forty-five percent had to downsize and about ninety five percent indicated that the cost of doing business has escalated.  The Chamber questions the government’s reason for increasing the burden on the private sector to facilitate public sector spending.  From all past experiences, the Chamber says taxing your way to recovery is never a viable option for growth. More on the Chamber’s position in Monday’s newscast.