The Progressive Liberal Party Unveiled An Economic Plan. Here’s What You Should Know

Progressive Liberal Party leader, Philip ‘Brave’ Davis, along with deputy leader, Chester Cooper, unveiled the party’s economic blueprint for the country should they win the next General Election.

Here’s what you need to know about their fiscal priorities, plans, and promises.

The Big Picture:

-There will be an assessment period of 2-3 days upon the party winning the government. (*Later adjusted to around ‘15 days’ by Cooper)
-Revenue increases will be priority
-High end properties will be the focus of property taxes
-Rapid movement to secure revenue from international overflights
-Rapid movement to secure revenue from carbon credits
-Fast track foreign and domestic projects that will yield high revenue for treasury

On Covid-19:

-Free testing
-Strengthen isolation protocols
-Free vaccines

On VAT:

-Reduce VAT to 10%
-Reassess after 1 year

On Food Assistance:

-Increase allowance amount (amount not specified)
-Introduce pre-paid debit cards for use anywhere that accepts them

On Housing:

-Increase funding to Social Services for rental assistance
-Offer rental assistance (amount not specified)
-Offer mortgage subsidies for most needy (amount not specified)

On Minimum Wage:

-Move toward $250 per week minimum wage

On Energy Security:

-Meet 30% renewables by 2030

On Sovereign Wealth Fund:

-Will establish sovereign wealth fund for natural resources

On Technologies:

-30% renewables by 2030
-Invest in workspace hubs (shared office spaces)
-Invest in marine biotech
-Invest in clean tech renewable energy

On Colour Economies:

Orange

-Inroduce school of visual, recording, & performing arts
-Make Junkanoo world-famous
-Establish export industry for Bahamian music
-Host world-class cultural events
-Host international sports leagues
-More support for athletes
-Make sloop-sailing National Sport

Blue

-Focus on fishing, marine biotech, and aquaculture

Green

-Focus on food security
-Establish cannabis-for-export industry
-Expand salt production
-Cut and fell pine forest for lumber production for domestic construction
-Invest in clean tech renewables

Also mentioned:

-VAT decrease expected to add $200 million in spending to economy
-Expects projects currently in the pipeline to generate revenue
-Will invest $250M in business development over 5 years.

Important to remember:

According to Cooper, “everything is on the table.”

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