Mash up for the small man!
That’s how the United National Congress (UNC) Government’s 2026 Budget and policies will affect citizens, says Opposition Leader Pennelope Beckles, who has defended drinkers and also warned of recession and devaluation of the T&T dollar looming.
“This Budget is fake and fraudulent ... a con job,” Beckles said in a delivery of three hours and 11 minutes in the House of Representatives yesterday.
Her reply to Finance Minister Dave Tancoo’s Budget focused heavily on seeking to shred the UNC Government’s economic and financial management and its Budget contents.
“This is a false and misleading Budget. It’s based on false assumptions, untruths, imaginary scenarios and unachievable objectives. It’s simply not based on reality,” she added.
“One third of the Budget is made up of blaming the PNM for the UNC’s incompetence, one third praises the Prime Minister while shamelessly shouting about ‘Wins’ that are really losses and the final third is made up of fantasy and falsehoods.”
Beckles said the Government would not meet its grossly overestimated revenue projections and at the same time, it intends to tax fine and “... squeeze and raid its way to make the population pay through its nose.”
“The small man will feel the pinch! He will not win, he will lose!” Beckles claimed.
She said she saw no new sources of revenue except new or increased taxes, fines or fees imposed.
She queried Government’s plans to raise over $2 billion in 2026 from a 100 per cent increase in taxes on alcohol, especially locally manufactured rum and beer.
“What has motivated this? Could this ever be described as a ‘win’ for anyone? Whose idea was this?” she asked.
“No Government in T&T’s history has imposed this level of punishment on ordinary people, whose only relaxation is often the occasional drink on a Friday night after a hard week’s work or a river lime, at the beach, or at the weekend or a gathering at a friend’s home.”
She noted that the price of the cheapest locally produced bottle of rum has increased from
$105 to $160 and a bottle of Stag or Carib will now cost $13, up from $10 last week.
“With alcohol taxes doubled, will we see bars closing down across this country as persons now curtail their consumption? The UNC is the Grinch that killed Christmas limes and a killer of Carnival fetes, bands and events,” Beckles added.
Apart from banks passing the Asset levy to customers, Beckles said the electricity surcharge will be also passed to clients, the increase in freight will hike imported goods prices and LPG increase will impact restaurants and small food businesses
“And ironically, the removal of VAT from salt is a clear indication that the UNC now wants the thousands of dismissed CEPEP and URP workers to suck salt,” she said.
After repeal of the T&T Revenue Act, Beckles said the PNM has been getting reports of people showing up at the Board of Inland Revenue asking for VAT refunds as if they had made payments.
“Because of the Government’s incompetence and botched fiscal management, the small man has to pay...”
Recession on
Beckles said the Government had declared “war” on T&T’s lower-income workers. Saying 50,000 of them had been put on the breadline, she said there is now a humanitarian crisis in T&T caused by thousands of job losses.
“Over 10,000 in CEPEP, 4,000 from Forestry, 400 in WASA, from CEO to janitors have suffered - UNC’s Firing Squad is in full effect.”
Beckles also cited non-renewal of short-term contracts. “.... After the UNC’s ‘Scorched Earth’ strategy, the UNC has impacted on almost 200,000 citizens. Apart from the social impact, there’s also the economic impact, the loss of 50,000 incomes will negatively affect this economy both directly and indirectly - shops, groceries, parlours will feel it.
“Markets and vendors are already feeling the pinch. The roadside food vendors are telling us that business is slow and people are buying less - clear signs that a recession is at hand.”
She said Government had caused “an almost irreversible shock to the economy, sent T&T into recession, and created an economic downturn.”
Saying the forex framework is like a delicately balanced house of cards, Beckles added, “If you pull the wrong card, the entire thing will collapse. And when it does, it will not be the Cabinet that suffers. It will be the San Fernando shopkeeper who can’t pay her suppliers, the Couva manufacturer who can’t get raw materials, the Diego Martin family who suddenly faces soaring prices for basic goods.
“And yes - there will be people on the streets, angry and seeking answers and solutions.”
Devaluation coming
Beckles warmed celebrating Public Services Association members, “Nowhere in the estimates of expenditure can the allocation for the backpay of $5 billion or for an increase in annual recurrent expenditure of over $500 million, which is just for the civil service, be found.
“What about other workers and other trade unions? Will they also get a 10 per cent increase? Or is the UNC playing favourites? If they deprive the other trade unions of a similar 10 per cent increase, which they simply cannot finance without devaluing the dollar, they’ll create massive industrial unrest.”
Beckles said if T&T runs dangerously low on foreign reserves, the $6.79 rate against the US dollar will be unable to continue.
“We warned that given their promises, the UNC threatened to crash the economy and trigger a devaluation. It was the only way they could pay for all of these promises ... Debt and devaluation will be the order of the day and more and more, this Government seems very likely to, in the near future, look to blame the PNM for forcing their hand to devalue the TT dollar.
“We warned that the promises and the expectations they were creating, the only way they can do this would be if they devalue the TT dollar to 10 to 1, even 15 to 1.”
