Premier Dr. the Hon. Natalio Wheatley has revealed a multi-faceted approach to combat the increasing cost of living in the British Virgin Islands (BVI).
At a recent press conference, Premier Wheatley discussed key strategies, including the promotion of renewable energy, boosting local agricultural production, and reviewing the territory’s tax and duty regime.
Wheatley also emphasized the importance of reviewing taxes affecting local vendors to reduce overall product prices and promised further action to support the territory’s businesses to reduce the financial burden on residents. These measures, he believes, will place the BVI in a stronger position to manage price controls effectively.
In addition to addressing the cost of living, Premier Wheatley spoke on consumer protection. He pointed out that his recent assumption of responsibility within the Ministry of Financial Services, Economic Development, and Digital Transformation will help clarify the role of the Trade Commission.
The premier also acknowledged that this issue is not unique to the BVI, but is part of a global challenge that requires both local and international solutions.