The Progress Singapore Party (PSP), which is led by former PAP stalwart Dr Tan Cheng Bock, has announced its economic policy proposals, ahead of the eagerly anticipated Budget 2020. The Party has so far not make any announcements to any policies or which areas they are considering to contest for the next GE, but have now fired the first salvo to the PAP. The Deputy Prime Minister and Finance Minister is expected to announce the Budget 2020 on 18th of February.
Among its economic policies were a “No To A GST Hike policy, as well as indicating that long term infrastructure projects in Singapore should no come at the expanse of an increase in taxes. PSP has said that they propose against raising any taxes or any other fees for the next five years, as Singapore has a strong financial standing to alleviate any costs to the citizens. PSP also said that long-term infrastructural projects, such as Changi Airport Terminal 5, should be based on the private firms’ own financial and commercial merit, and not require tax increases to fund them.
Other policy proposals include “more effective use” of the national Budget surpluses and sovereign wealth funds, such as conducting a review of the Singapore education system. The party also opposed short-term occasional handouts, in favour of more “permanent plans”.
PSP had announced back in September last year that its policy team consists of more than 30 members, and is headed by Hazel Poa, the assistant treasurer of the Party. Apart from the PSP, the SDP had also released their own policy proposal, although theirs dealt specifically with the climate change policy, instead of an economic policy proposal.