Beckles: UNC setting up Trinidad and Tobago for total disaster

OPPOSITION Leader Pennelope Beckles has warned the UNC is laying the foundation for "total economic and financial disaster in TT."

Beckles warned this is being done through a strategy which includes punishing ordinary citizens and the business community, undermining institutions critical to the economy, fooling workers with false promises and pinning citizens' hopes for a brighter future on unrealistic economic indicators.

She issued these grim warnings in her maiden response as opposition leader to the 2025/2026 budget in the House of Representatives on October 17.

Beckles also made history as the first female PNM political leader to make such a response.

She was appointed opposition leader on May 6 and elected PNM leader on June 22.

Opposition MPs thumped their desks as Beckles declared, "This government in only five short months, has lost the trust and confidence of the people and now that the mask is unveiled, and the true plan is at hand, the people are realising they are taking us to a place where no one wants to go."

The PNM, she continued, will not support a social crisis brought about by targeting the poor and vulnerable, attacking businesses, depleting foreign exchange (forex) reserves while misleading citizens about forex cartels, devaluation of the dollar and "the destruction of the very fabric of our society while the UNC seeks to rewrite our history."

Beckles' opening salvo against the UNC came with recent increases in the price of alcohol and cigarettes.

"When I look at the revenue-generating measures in this budget, I see no new sources of revenue, except, new or increased taxes, fines and fees imposed on the people of TT."

Beckles described the 100 per cent increase in taxes on locally manufactured rum and beer as draconian and government's plan to raise over $2 billion from this measure as astonishing.

She said no government in TT's history has ever implemented such a measure.

Beckles added this was cruel to people whose "only relaxation is often the occasional drink on a Friday night after a hard week’s work, or at a river lime or at the beach on a weekend or at a gathering at a friend’s home!"

She said examination of the budget shows government plans to increase its take of profits from state enterprises from $1.4 billion in 2025 to $5.5 billion in 2026.

"Although this massive increase is not achievable, it is clear that they intend to raid and squander the hard-earned cash balances at the NGC, Heritage Petroleum and other state enterprises once again."

Beckles said the Draft Estimates of Revenue 2026 shows plans by government to borrow $18.9 billion in fiscal 2026.

"This is $8 billion more in borrowing than in 2025. More shocking is that $10.8 billion out of this is foreign borrowing, to be paid back with our precious forex."

Beckles said this raises questions about the accuracy of the projected fiscal deficit of $3.865 billion which Finance Minister Davendranath Tancoo mentioned in his budget presentation on October 13.

"The budget numbers simply do not add up so this is why we say this is a fake and fraudulent budget."

Beckles said an analysis of the Public Sector Investment Programme (PSIP) reveals government has sacrificed national development for political optics.

The PSIP allocation for fiscal 2026, she continued, stands at $4.1 billion, reduction of $1.57 billion from the $5.67 billion approved in 2025.

She said the budget is based on false assumptions, untruths, imaginary scenarios and unachievable objectives.

"It is simply not based on reality." She highlighted global energy prices as an example.

The budget was pegged against oil and natural gas prices of US$73.25 per barrel and US$4.25 per mmbtu

On October 17, West Texas Intermediate (WTI) crude and Brent crude were trading at US$57.48 and US$61.10 per barrel respectively while natural gas was trading at US$2.996 per mmbtu. TT's oil price is traditionally pegged against WTI.

Beckles claimed the budget's oil price was a figure Finance Minister Davendranath Tancoo pulled out of a hat on October 13.

"There is no credible source in the world that is currently predicting an oil price above (US) $60 per barrel for oil in 2026."

Beckles claimed the purpose of this oil price is to falsely inflate the estimates of energy revenues, in order to meet the Heritage and Stabilisation Fund (HSF) rules for the withdrawal of billions of dollars from the fund.

She repeated the PNM's condemnation of the UNC's scrapping of the TT Revenue Authority (TTRA).

Beckles said the PNM had no objection to a proposal in the UNC's election manifesto to amend the TTRA Act to make the Public Services Association (PSA) the recognised trade union for TTRA workers.

The PSA was a member of the UNC's "coalition of interests" during the election.

Beckles asked: "Did the government repeal the TTRA Act to protect their tax-evading financiers?"

Leader of Government Business Barry Padarath objected to Beckles' statement.

Speaker Jagdeo Singh described the statement as "plainly offensive"and asked Beckles to rephrase it.

Beckles asked, "Did the government repeal the TTRA to protect those who have been evading taxes?"

She observed celebrations by the PSA about the budget promising public servants a ten per cent salary increase promised by the UNC in the election.

"While they celebrate, it is interesting to note that 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."

She asked if this was a billion-dollar oversight by government.

Beckles wondered if other workers and other trade unions will get the ten per cent increase promised to public servants or if the UNC is playing favourites?

Beckles said this increase cannot be financed without devaluing the TT dollar.

She warned if government only gives the PSA a ten per cent increase and deprives other unions of that increase "they will create massive industrial unrest."

Beckles said commercial banks and businesses hit by business levies and electrical surcharges respectively in the budget, will pass their effects on to the public. Similarly, she continued, landlords will do the same with the landlord surcharge in the budget.

She slammed government for what she described as political interference at the Central Bank and First Citizens.

In the former, Beckles claimed government attacked certain businesses as part of its efforts to claim there is a forex cartel.

She noted Central Bank Governor Larry Howai subsequently indicated the bank has no evidence such a cartel exists.

Beckles asked why Prime Minister Kamla Persad-Bissessar hinted government could bring legislation to Parliament to allow for the disclosure of private banking information.

In the latter, Beckles accused government of "interfering with our delicate financial sector."

Beckles warned government about using state enterprises and other entities considered to be state crown jewels to extract cash to pay wages. She said this could put people's savings in these institutions at risk.

"I am sounding a warning again and telling this government, leave the cash balances at the Unit Trust Corporation and NIB (National Insurance Board) alone! They do not belong to you."

She claimed TT was experiencing fiscal and liquidity crises which could cause economic stagnation and a full blown recession.

Beckles said Persad-Bissessar will perform final rites on Cepep and URP when she contributes to the budget.

"This is the ultimate betrayal of workers who have been told that they would be getting back their jobs in a short space of time."

Beckles asked whether the unemployment fund mentioned in the budget to replace Cepep and URP would be a different form of political patronage for UNC family and friends.

"Who will workers now have to grovel to in order to gain employment through this fund? She claimed the workers fired from these and other programmes were victims of the 'UNC Firing Squad.'"

She said the budget statement is made up of blaming the PNM for the UNC’s incompetence, praising Persad-Bissessar while shamelessly shouting about "wins" that are really losses, and fantasy and blatant falsehoods.

She said the UNC has become tyrannical in its governance but citizens are coming together under the banner of unity.

"They have totally rejected the divisiveness perpetuated by this government and are ready for the steady, stable and competent hand of the PNM." Beckles promised the PNM will rebuild TT, hand in hand with the population.