The Government must intervene now help save businesses from the economic downturn, urged Tabaquite MP Dr Suruj Rambachan yesterday in a statement.
“The Government must consider an economic recovery and reconstruction plan to be incorporated into the upcoming Budget which will provide support for businesses threatened by the current recessionary conditions."
He said that with businesses unable to meet their loan and mortgage payments, the Government cannot be a silent spectator to their plight.
“The Government must intervene with support mechanisms to save small to medium size businesses in particular as the failure of businesses at this level and their closing down can have serious social impacts in this society.
“The loss of businesses built up over several years and which would have contributed to economic activity, employment, revenue through taxes etcetera, must be avoided as it can also seriously impact upon entrepreneurial activity.”
Rambachan urged the Government to help stem any further dwindling of the middle class who are important for economic recovery and growth.
“The situation is not irretrievable but requires firm and quick decision making and a formula for recovery which includes wealth sharing strategies through encouraging competitiveness and higher productivity.
“A real cultural revolution is required nationally.”