London Daily

Focus on the big picture.
Thursday, Oct 23, 2025

Opposition leader calls for 'stimulus 2.0'

Opposition leader calls for 'stimulus 2.0'

As the first anniversary of the Covid-19 pandemic approaches, Opposition Leader Marlon Penn recently highlighted a need for additional relief while addressing the pandemic, the tourism industry and other economic issues.

“It is no secret that the tourism sector is under serious strain, with a number of properties either closing or operating at minimal capacity,” Mr. Penn said during a Feb. 22 broadcast of National Democratic Party Radio.

He noted that Quito’s recently chose to halt reopening a newly completed facility, and Virgin Gorda’s Top of the Baths restaurant and bar closed. He said other businesses are “contemplating the same.”

“This, coupled with the protracted delay in getting our seaports reopened, means that many in our community are hurting,” he said.

Mr. Penn added that he supports another round of stimulus measures, recommending that government “reprioritise” the budget and review what reserve funds are available.

Last May, Premier Andrew Fahie announced that $62.9 million would be allocated for an economic stimulus package, with an estimated $57 million coming in the form of grant funding from the Social Security Board.

Mr. Penn said if government again turns to the SSB for economic relief, the funding should come from a loan with fixed repayment dates rather than a grant. He added that this should only happen after government reviews a feasibility report from the board.

“Stimulus 2.0 should be distributed based on sound criteria for getting help to those most in need of assistance,” he added.

He also said government needs to learn from implementing the first round to avoid the “gross delay in getting the stimulus money into the hands of those who need it most.”

“We have been dealing with Covid-19 for a year now, and our leaders can no longer hide behind Covid-19 as an excuse for our economic challenges,” he said.

Post-Irma economy


The opposition leader said the VI is among the countries where “economic devastation is going to be felt for years to come.”

He added that the territory needs a national tourism plan and an overarching economic recovery plan.

He also lamented the current administration’s failure to secure the £300 million loan guarantee the United Kingdom has offered to help the territory recover from the 2017 hurricanes.

“There was a strategy for the funding of that plan,” he said. “Funding was made available from the government’s coffers, from global friends, and from the Caribbean Development Bank to the tune of $65 million. … There was a plan, and there was a way to fund that plan by way of the $400 million guarantee from Her Majesty’s Government. It is unfortunate that, with the current leadership crisis we face, this money is now lost to us.”

Negotiations for the UK loan guarantee seemed to be ongoing at the beginning of 2020, when the territory awaited a response as to its “credit worthiness,” according to a statement from the premier last February.

Mr. Fahie — who has criticised the conditions he said the UK has attached to the guarantee — said at the time that the VI government and its technical team had been “engaging in discussions with officials of the UK government to advance the process for accessing” the offer.

This effort, he added, included an in-person visit to London in September 2019.

“It is important for citizens to understand that the loan guarantee is not guaranteed at this time,” he cautioned. “It never was.”

Last month, then-Governor Gus Jaspert said in an interview shortly before leaving office that the ball is in the VI government’s court on the loan guarantee.

“The UK’s position is as it always was: that the conditions are there. The BVI government haven’t yet taken the steps required to obtain the offer. But there’s ongoing work between officials in the UK and the BVI to help the government make the progress required,” Mr. Jaspert said. “It’s really for the premier to answer how he wants to go forward.”

Construction


When discussing the territory’s needs for economic growth and security, Mr. Penn wondered on Feb. 22 how far the long-term recovery could have progressed by now if government had finalised the loan guarantee.

He placed particular focus on the need for government to support the annual $200 million construction industry, dubbing it the VI’s unofficial “third economic pillar.”

He urged government to develop a plan for attracting regional and international investments in the sector, and for a way to pay for necessary developments.

Mr. Penn added that the tourism industry was in “full recovery mode” after the hurricanes hit, when the previous administration developed a national recovery plan.

“Construction is a key tool in reviving our economy and directly providing economic opportunity and good jobs to our construction professionals and indirectly to the wider community,” he said.

Newsletter

Related Articles

0:00
0:00
Close
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
×