Shaw lashes government & banks

Jamaica has been caught in a high interest rate for two decades which was brought down by 2010 where they have remained. But banks’ lending interest rates have remained between 15-20 percent.
The spreads are the highest in the world while return on equity is at 20 percent but 9 percent in other countries. This is madness and we talk about lack of investment, the former Minister of Finance, Audley Shaw stated. Shaw was Speaking at the Jamaica Stock Exchange Investments and Capital Markets conference where he lambasted the present government for lacking a vision for economic grow and development. Shaw who was critical of government’s decision to spend some $350 million on the Tivoli enquiry but refuses to find $15 million to have the FINSAC investigations report completed, dealt with a series of issues that he feels should be implemented to get growth going in Jamaica
He indicated a number of impediment to economic growth such as high interest rates, high energy, inadequate trained workers, high security cost, high cost of doing business, minimum tax. We are in trouble, the state of our non-competitiveness is clear to see, mitigating against investments and growth Shaw told the attentive audience. But Shaw stated that Jamaica’s location is good, we have an advantage that our English speaking capability is good. He pointed out that the country needs to drive investment in the small medium enterprises sector. Pointing to the issue of removal of incentives, he said rather than abandoning incentives we need to provide certain incentives especially those that our competitors enjoy.
Shaw stated that the government needs to reverse the hike in in stamp duty and transfer tax, according to him when he reduced stamp duty and transfer on property tax he was told by players in the real estate market that the market took off.
Leave the junior market and put back the ten year tax holiday was not the official theme of the conference but it may well have been as speaker after speaker had the same refrain, Shaw was no exception as he implored the Minister And remove the ending of the 2016 terminal day.