Thursday 30 June 2016
Tuesday 28 June 2016
Friday 24 June 2016
Thursday 23 June 2016
Wednesday 22 June 2016
Our Vision for Engaging the World
BLP Covenant of Hope - Our Vision for Engaging the World
A Barbadian people fully equipped with the skills, boldness and confidence to compete in the dynamic, international economy of the 21st century, supported by a facilitative domestic and regional policy framework, based firmly on sovereignty, independent and principled positions executed by an enhanced, professionalized, refocused diplomatic and trade representation fully capable of defending our vital national and regional interests in all traditional and emerging centres of power and influence.
A Barbadian people fully equipped with the skills, boldness and confidence to compete in the dynamic, international economy of the 21st century, supported by a facilitative domestic and regional policy framework, based firmly on sovereignty, independent and principled positions executed by an enhanced, professionalized, refocused diplomatic and trade representation fully capable of defending our vital national and regional interests in all traditional and emerging centres of power and influence.
Tuesday 21 June 2016
Our Vision for a New Economy
BLP Covenant of Hope - Our Vision for a New Economy
Barbados’ economy must be modern, innovative, diversified, globally competitive and productive, to achieve a level of commercial success that leads to a fair return on all investments, a widening of economic enfranchisement and the sustainable improvement in the livelihoods of all our citizens.
Barbados’ economy must be modern, innovative, diversified, globally competitive and productive, to achieve a level of commercial success that leads to a fair return on all investments, a widening of economic enfranchisement and the sustainable improvement in the livelihoods of all our citizens.
Monday 20 June 2016
Our Vision for a Better Society
BLP Covenant of Hope - Our Vision for a Better Society
Barbados will distinguish itself by its commitment to a social covenant with our people that includes universal access to free tertiary education and training, and quality universal healthcare, access to affordable land and housing, the protection of public spaces, respect for diversity, fundamental freedoms, rights and responsibilities, and equality under the law.
Barbados will distinguish itself by its commitment to a social covenant with our people that includes universal access to free tertiary education and training, and quality universal healthcare, access to affordable land and housing, the protection of public spaces, respect for diversity, fundamental freedoms, rights and responsibilities, and equality under the law.
Sunday 19 June 2016
Father's Day Message
Good afternoon,
I wanted to take a moment to share some perspective with you on being a father. Parenting is not an easy task and too often it is left to women to shoulder much of the burden. Fatherhood is too important a part of our socialization to be taken lightly. I believe three things very strongly about being a father that I want to share with you.
1. As fathers, we must teach our children that women are NOT property and as our partners must be treated with absolute dignity and respect.
2. As fathers, we must love our daughters unconditionally and set the standard for what is acceptable treatment through how we relate to the women in our lives.
3. As fathers, we must support our children not only financially but also physically, socially, emotionally, mentally and wholeheartedly.
I believe these things sincerely and whilst none of us is perfect, it is the pursuit of ideals such as these that makes it all worthwhile.
From my family to yours, Happy Father's Day.
Regards,
Ryan Straughn
Saturday 18 June 2016
Constituency Polling Stations
Polling District | Polling Station |
YA1 | Vauxhall Methodist Church |
YA2 | Edey Village Church of God |
YA3 | Aquatic Centre (Garfield Sobers Gymnasium Complex) |
YB1 | Christ Church Girls' School |
YB2 | Christ Church Girls' School |
YB3 | Christ Church Girls' School |
YC1 | Milton Lynch Primary School |
YC2 | Milton Lynch Primary School |
YC3 | Milton Lynch Primary School |
YC4 | Milton Lynch Primary School |
Introduction
Dear Constituent,
I would like to introduce myself to you as the Barbados Labour Party (BLP) candidate for the forthcoming general election for Christ Church East Central. Along with the other BLP candidates I hope to represent your interests in Christ Church after the next election.
Though the campaign has not yet “officially” commenced in earnest, I wanted to take this opportunity to outline some of my experience and why it is relevant to you and Barbados today.
I am a professional economist trained in Barbados with work experience at domestic, regional and international level. This skillset will be vitally important going forward because the management of our economic affairs under the Democratic Labour Party has left a lot to be desired in the last 8 years.
As the beneficiary of taxpayer funded tertiary education, I understand the importance of having access to a quality education such that we are constantly developing human capital to take the country forward. Barbados’ global competitiveness relies very heavily on a cadre of highly motivated and educated population and I am passionate about ensuring that education remains the cornerstone of our development.
As Barbados faces an uncertain future, it has never become clearer that a time of great change is coming. We have been brought to the brink by the Democratic Labour Party and it is now essential that we have a change of government with a credible plan to get us back on track as a nation. I grew up in Barbados under the distinct impression that meritocracy, honesty, integrity and hard work meant something. These are values that underpin a well ordered society not one where cronyism and who you know take precedence.
My team and I have been canvassing the constituency since January 2016 and will continue to do so over the coming months. I do wish to thank you for taking the time to chat with me or a member of my team about the issues that you feel are important. As time is usually short during such visits, I would like to continue the engagement we’ve already started by asking you to please feel free to provide feedback to me via email chcheastcentral.blp@gmail.com.
Please view Professional Bio
I look forward to hearing from you.
Regards,
Ryan Straughn
Thursday 16 June 2016
Tuesday 14 June 2016
Monday 13 June 2016
The 'Brexit effect'
It is intriguing that, this month, the entire UK will vote on whether to remain a member of the European Union (EU). Naturally, opinion polls have swung back and forth between the “Vote Leave” and “Stronger in Europe” campaigns. As the June 23, 2016 date draws closer, expectations are that the polls will become tighter and tighter.
Just like the Scottish Independence vote, there is a two year negotiation period between the UK and the EU should Britons support the “Vote Leave” campaign. Nevertheless, despite that negotiation period, the uncertainty that exists surrounding the likely impact of Brexit, the phrase coined if Britain exits the EU, is real. Hence, the next few weeks and days may see some turbulence on financial markets.
This is not dissimilar to the lead-up to the 2015 general election in Britain when, again, there was considerable uncertainty as to whether there would be a definite result. This referendum will be the third vote taking place within Britain in the last three years where the impact will be felt way beyond its borders and ought not to be taken lightly.
In my view, Scots appear to have a preference for Europe despite the NO vote in 2014 while the English do not. I must admit though that I’m not sure how the Welsh feel about being either British or European. History might play a significant role in the psyche of these three countries that make up Great Britain which may very well be playing out for all the world to witness.
I have sought the views of many Barbadians who
either live or have lived in the UK as to which way they will vote on June 23. Views are starkly mixed within this group with the older folks wanting Britain to exit while the younger persons want Britain to stay. I’ve had some rather frank conversations and the perspectives shared were quite surprising.
either live or have lived in the UK as to which way they will vote on June 23. Views are starkly mixed within this group with the older folks wanting Britain to exit while the younger persons want Britain to stay. I’ve had some rather frank conversations and the perspectives shared were quite surprising.
No one knows at this time what the full impact of Brexit from the EU would unleash. What is real is the uncertainty that the negotiation period might usher in thereafter. Brits might still come and vacation in Barbados. Barbados will still maintain ties with Britain, particularly in the Commonwealth setting. What perhaps is my concern more than anything else is exactly how our government would likely respond.
I would imagine by now that the High Commissioner for Barbados in the UK and our Ambassador in Brussels and their respective staff will be actively engaging the attention of the British Government and the EU as to the potential ramifications of Brexit. Not to mention the local engagement with the British High Commissioner and the EU Ambassador currently in Barbados.
This is the kind of leadership I would expect of the Minister of Foreign Affairs reinforced by the Prime Minister himself. Of course, after all, this consultation between these stakeholders ought to be followed up by clear and decisive communications not only with Barbadians residing in Barbados but also those currently in Britain as well as across the EU.
Perhaps I might be overreacting but the reason that governments are in place is to make certain that, at a minimum, our bases are covered. I digress to come back to my point. I was living in the UK in December 2006 when Gordon Brown announced what turned out to the restructuring of the Air Passenger Duty (APD) which was to come into effect in 2009 and was able to identify that it would significantly impact travel to Barbados in particular.
In November 2009, when the APD was finally implemented, readers may recall that it appeared as if the current administration was hearing about it for the first time. One would then have to conclude that they spent 2007 almost exclusively on the campaign trail and, having assumed office in January 2008, clearly did not effectively engage the British government on this issue for some time, perhaps until the current Minister of Foreign Affairs was appointed.
I do hope that if Britons decide to exit the EU, that the focus of the current government during much of the two year negotiation phase would be to fully engage both Britain and the EU rather than just focus on winning the next general election in Barbados. The potential fall out for Barbados is too great for our elected representatives to only think of themselves and forsake the country.
If what I’ve suggested isn’t already happening diplomatically, then I implore the powers that be to
ensure that Barbados has the best opportunity in the event that Brexit is successful. We must deploy all available resources to ensure that any and all opportunities that may arise is well documented and executed to the benefit of every citizen.
ensure that Barbados has the best opportunity in the event that Brexit is successful. We must deploy all available resources to ensure that any and all opportunities that may arise is well documented and executed to the benefit of every citizen.
Diplomacy is often understated in its importance to the functioning of an economy. I hope we have learnt the lesson from the APD debacle. The Barbados Labour Party is engaged on these matters in the event that we are called upon to serve the people of Barbados.
Instead of our government blaming international events and circumstances for our current predicament, we must engage and seek out the best in the interest of Barbados.
Ryan Straughn is an UWI Cave Hill and Central Bank of Barbados trained economist and an endorsed BLP candidate to contest the next general election. Email: straughn.ryan@gmail.com
Sunday 12 June 2016
Wednesday 8 June 2016
Bad timing - Interest rates cut bad for the poor (by BarbadosToday)
CIBC FirstCaribbean International Bank has announced that effective June 1, the interest rate it pays on regular savings, savings plus and senior savings will be cut to 0.25 per cent from an already record low 0.5 per cent, which the commercial banks applied after the Central Bank of Barbados lifted the 2.5 per cent minimum interest rate.
However, Straughn said CIBC’s timing was poor and “really not a very good strategy” to get people to spend the money they have in the bank.
“It is very bad timing for the depositor to be experiencing 0.25 per cent interest rate at this point in time given that we had to go through a two per cent cut last year. I think it is ill-timed,” he insisted.
“It certainly isn’t a very good time for anybody to have a little change in the bank. The reality of the situation is that households, in order to be able to manage their finances, need to have some incentive to save, and that incentive to save often . . . relies on being able to attract some kind of interest rate or returns on those deposits.”
Straughn, a former president of the Barbados Economic Society and a candidate for the Opposition Barbados Labour Party in the next general election, argued that the average balance on a bank account had significantly declined over the last few years due to increased taxation, increased cost of living and a wage freeze.
He acknowledged that the credit union was an option for savings, but insisted that “very poor people” needed banking services now more than ever.
Straughn also suggested that with interest rates at a record low, the banks ought to offer relief on fees and charges.
“If they are not going to pay for the deposits the ordinary Barbadians are going to trust them to keep on our behalf, then they ought to do something about the fees that they are charging because the reality of the situation is that for very poor people who have very low balances on their account the fee structure that exist at the moment would mean that it is very expensive to be poor and have a bank account in the country,” he added.
Meanwhile President of the Barbados Bankers Association (BBA) Glyne Harrison has defended CIBC, telling Barbados TODAY its decision to cut interest rates was based mainly on market conditions and the high levels of liquidity in the banking system.
Harrison said that other commercial banks would not necessarily follow CIBC’s lead since they had different levels of liquidity, different internal structures and incurred different costs.
“So the interest rate is also driven by what the bank’s liquidity is at the point in time [and] what their demands for loan are at the point in time. So it is a combination of factors,” Harrison explained.
The BBA head insisted that the banks were not engaged in profiteering, but simply examined their own environment and cost structures to determine what made sense.
He further explained that commercial banks were now constrained in the level of interest they could offer because the lending side of the business was low.
Harrison predicted if the demand for loans were to increase interest rates on savings would also rise.
However, Straughn said he was not buying the liquidity argument, contending that the banking system had been liquid for a long time.
“The reality of the situation is that the economy is still quite very soft and as such the kinds of lending that one would like to see isn’t taking place – lending for new investment, lending for businesses to start up
“So I think the reality of the situation is that banks and other financial institutions are still looking to lend people to buy motor vehicles and those types of loans rather than to invest those funds looking for viable opportunities in which to invest in,” Straughn reasoned.
Tuesday 7 June 2016
Monday 6 June 2016
Sunday 5 June 2016
When the joke is on us
Let me declare, confess, disclose, reinforce, divulge, make known, come clean, affirm that I am still an economist and that my previous communications with you, the Barbados TODAY reading audience, was in no way predicated on my subsequent entry to elective politics. Even before I considered and decided to run as a candidate, some people already thought my public utterances were politically motivated rather than on seeking to resolve the current problems that confront us. Be that as it may, I am now fully cognisant that anything I say or do will be unfortunately analyzed with a very strong political filter.
I do hope, however, that you continue to dialogue with me and I certainly welcome any feedback you may wish to share as we seek to grapple with and make sense of what must be the longest period of economic stagnation and mismanagement in our nation’s history.
For the avoidance of doubt, I wish to make it crystal clear to all, that I do not hold any personal grudge towards any member or supporter of the current administration. So I would like that when the political filter is attached, that at least it is applied from a professional or philosophical point of view rather a personal one.
By now, you might have surmised I have a fixation with one’s ability to plan whether as an individual, household or business. It is the bedrock on which all modern economies operate. Some commentators refer to this as confidence but, in my mind, the two, though inextricably linked, are separate and distinct even if at times there are no clear lines of demarcation.
Confidence relates the level of optimism and pessimism one feels about future prospects, either as an individual, household or business, given prevailing market conditions. The ability to plan relates more to the provision of relative certainty over a period particularly when it comes to public policy. It is hard enough having to compete with other individuals and businesses in the marketplace, but add the lack of clarity of public policy to the mix, and what you get is a recipe for economic chaos.
Over the past six months, many persons have asked for me to keep on writing in an effort to help educate the populace on economic matters. I have also been asked to communicate in such a manner that the “average” Joan and John Public can understand. Whilst I willingly accept the challenge, and am always prepared to engage on issues of concern, there always comes a point where the political affiliation of Joan and John kicks in like a self defence mechanism rendering any further meaningful discourse difficult.
Having said that, I fully accept that it is very difficult to change mindsets overnight and that repetition is warranted until it becomes second nature to both Joan and John. Inasmuch as I am willing to achieve relative success in this endeavour requires that both Joan and John pay attention and see the need to become and stay engaged. Too often, Joan and John sit up and pay attention only when their circumstances are impacted both directly and negatively.
By the time this article is published, All Fools’ Day would be upon us. Rather than the practical jokes we played as primary school students making us laugh and reminisce, Joan and John must asking themselves the extent to which the parliamentary group of the Democratic Labour Party thinks we are ‘All Fools in April’. The following are some examples of the tomfoolery currently at play.
Consolidation Tax on persons whose gross income exceeds $50,000 was to expire on March 31, 2015. In December 2014, the 19-month programme was working so well that this measure and others were extended for another financial year, or until April 2016 which means all like now. Close examination of the Estimates of Revenue and Expenditure for 2016-2017 shows an allocation of $30,159,718 for this taxation. I don’t recall any specific announcement that this tax will continue, but the evidence is there for all to see. Fool me once.
The reader will recall that the Solid Waste Tax was introduced supposedly to pay SBRC for waste management. At the time of its abolition, SBRC was yet to receive the collected funds which taxpayers dutifully lined up to pay, yet no refunds were issued and no explanation provided as to what the monies were spent on. Fool me twice.
Having abolished the Solid Waste Tax, the Minister of Finance has shifted that burden onto land tax by increasing the rates. At some point during the first quarter of 2016, you might have been visited by valuers from BRA, which I can only assume would mean an increase in property valuation. The prospect of a lower threshold, increased rates and increased valuation is real, placing additional burden on those of us earning above $50,000. Fool me thrice.
Refunds for income tax year 2013 were paid in 2015 and assurances were given in the House of Assembly that the said refunds included interest. We were also assured that refunds for 2014 would be paid by March 2016. I haven’t met anyone that received interest with their 2013 refunds and the few persons that have received 2014 refunds, indicated that interest hasn’t been paid. Fool me again.
By its own admission, the DLP-administered Government is cash strapped. One might even be sympathetic and not fuss about getting the interest owed to you on income tax. However, when one hears advertisements on the radio urging people to pay land taxes so as not to incur penalties and interest, then you know someone thinks that We Are All Fools.
(Ryan Straughn is an UWI Cave Hill and Central Bank of Barbados trained economist and shall remain so for as long as possible. He is also a BLP candidate for Christ Church East Central Email: straughn.ryan@gmail.com)
