Tabaquite MP Suruj Rambachan says the Government must establish a policy position on loans in this country as interest rates have risen at local banks.
Contributing to debate on the mid-year review of the 2016 Budget on Friday, Rambachan said it was impossible to stimulate the economy if banks were raising mortgage rates.
“The banks have no sympathy for you. What is the Central Bank doing about this?” Rambachan asked.
“Of course you can’t tell the banks what to do, but you can lay a policy position on loans in this country. Everything you have to do in a bank you have to pay for. You make a deposit and you have to pay for it.”
He said it was up to the Government to ensure that businesses and the manufacturing sector were taken care of.
He said businesses were now looking at a situation where they could not pay increased wages.
“We are looking for industrial strife down the road?”
He noted that Government had ignored a request from the Joint Trade Union Movement to meet before the budget statement.
“What is the agenda of the people? We didn’t hear the people’s agenda today. We heard the agenda of the Government. We are going to fail as a country if we continue as a top-down approach to governance.”
He said change required a consensus of the people.
“If we the people are expected to make sacrifices then we must be involved in the decision making.”