Chamber: ‘Encouraged By Honest Approach’
The Bermuda Chamber of Commerce responded to the 2013/14 Budget delivered this morning [Feb 22] by Finance Minister Bob Richards, saying they are “encouraged by the refreshingly honest approach taken by the Finance Minister to the 2013 Budget.”
Peter Everson, Co-Chair of the Chamber’s Economics Committee noted: “The Minister did not sugarcoat the facts. He clearly outlined our position in relationship to the world economy and honestly addressed the issue of debt; recognizing that in recent years we have not been adhering to the international debt ratio standards required to service our debt and maintain our favourable ratings.
“Raising the debt ceiling to $2.5 billion is exactly what needed to be done. In the past the ceiling has been raised on an arbitrary, ad hoc basis which was not in line with the reality of our economic position.
“By admitting that Government continues to use debt to service its day to day commitments and pledging to create an oversight board to address government spending, the Minister is taking a realistic and appropriate approach to dealing with this huge issue.”
The Chamber said the retail and restaurant sectors are “obviously heartened by the news that current payroll tax concessions will be extended for another year, while the Real Estate industry was buoyed by the prospect of significantly lower licensing fees for the purchase of homes to non-Bermudians and PRC’s.”
Speaking on behalf of the Real Estate sector, Chamber Board member Buddy Rego noted, “We are delighted that the Government has listened to industry and have seen the natural correlation between reducing the cost of purchasing property and the positive impact it will have in the construction and other related industries.
“When housing starts to move again we can only expect construction to rally, and the economy to strengthen as new home owners purchase furnishings, fittings and other home improvement supplies. Government will also enjoy a significant increase in revenues through additional stamp duty fees.”
In conclusion Mr. Everson noted: “We are impressed by just how much the Government has managed to accomplish in less than three short months. There are obviously a number of underlying issues which have yet to be addressed, but by initiating a process to examine how Government is structured financially and to commit to going after delinquent taxes, the Government is heading in the right direction.
“Any analyst will tell you that the cost of post-retirement benefits has outpaced the current tax base’s ability to pay and it would seem by his statements that the Minster also plans to address this issue.”
The Chamber will be better prepared to comment on specifics once they have had an opportunity alongside others to study the Budget in more detail. View all our coverage of the 2013 Budget here.
Of course they are. OBA can do no wrong because they support the white establishment.
And is this the best response a PLP koolaid drinker can come up with? Do you not have the first clue of what needs to be done so that we do not become another Jamaica where near 50% of the budget is spent servicing the debt?
The parties & travel at taxpayer expense are over. Sooner or later the band must be paid. The time has arrived.
Stupid no – Just see the chamber and Bob as one unit. This is my island most of you all are paper bermudians and children of paper bermudians and now want to treat us born bermudians like crap. You leave, you can go back and live in the UK.
Bottom line, increases for Bermudian and decrease in taxes for foreigners. But in your book that is great because you all will be richer.
Exactly and they throw the bone with a little meat on it to their dog Richards.
Unless your a direct descendant of a white Englishman who colonised Bermuda in 1612 or the three men that were left on the island since 1609, everyone is a paper Bermudian! You sir/Madame need to get a life!
@Limey—–We blacks never asked to be bermudians, and we certainly don’t appreciate being called out of our African name as “overseas territory citizens”, how exactly does one becaome an overseas territory citizen from African?????Actually hundreds of millons of Africans STOlEN from Africa and given a nickname by the same people who were one of the first to enslave us and Britian who continues to enslave us with their yolk of slavery!!!Limey go your a$$ back home and give me back whats mine so I can make a home for myself..cos I did not ask to be born in Bermuda and my family did not as to be stolen from their homeland with no way of getting back and never having enough money to do so..Don’t try to trivialize the way I feel, you may feel emancipated but I certainly don’t and Bob the surrogate has not lived up to his boastful claims, why bother take over a government if you can’t live up to promises,..OBA is alll talk and no action cos same white aligory is running the show and “they don’t see color” so of course the lwoer income bracket once again is expected to shoulder the costs of high living for embiciles!!!!
Xenophobic racist!
The have a very hard job ahead of them to get us out of a hole that the previous govt put us in. Do you not understand that drastic measures have to be taken to accomplish this?? Or are you just plain stupid? Still brainwashed maybe. Its almost like you dont want to see Bob’s plan succeed. Its almost like you want him to fail. Its almost like you want Bermuda to fail. If thats the case, then get off my island, you are wasting space.
Of course they want the OBA to fail, because if they do the PLP will win the next election, if they succeed the OBA will get another 5 years.
Once again party politics come before the best interests of Bermuda and its people
Honest? The chamber is not going to complain, because they are in charge.
I totally agree. Its people like them who can’t face reality, that Bermuda will never be the same again,those days are gone. I’m not been negative, its a realtiy check. Very thin line between the two.
I hope the OBA delivers to the Chamber of Commerice and it don’t back fire in the face.
Bob the Snob could’ve announced an end to Cup Match to allow two more shopping days and that vile ferret Everson would’ve supported it. This Budget is uninspired and proves the OBA had no plan for being the Government. Bob’s solution to our ills is to increase vehicle license fees and sin taxes….well that’s sure new. The only plan the OBA had was to give business interests what they’ve been asking for and spin the wheel on Bermuda going back to 80s numbers. Well it ain’t gonna happen. You can pile on the concessions all you like, it will not change the broken business models that cannot withstand the global competition Bermuda faces. Check the numbers on overseas spending; look at the people who are still travelling to Wembley this weekend. There’s money here, people just will not spend it on inferior and overpriced crap.
Cute quote on “us and them” too Bob. Show me what’s in the Budget for us cause all I see is stuff for them. Just amazes me how my demand for for stuff for my people is “divisive” while business’ demands for theirs is “sound economic policy”.You’ve drawn some clear lines around this Government’s support base and the Chamber is right about one thing, in that respect it is “refreshingly honest”from the OBA.
That’s pretty stupid. The OBA have the unenviable task of dragging us out of the mess created by the PLP. Kick starting the real estate sector by lowering rates (i.e. making it more attractive for foreigners to invest here) will create demand and hopefully drag us out of negative equity situations and create liquidity in the local economy. iIt’s actually a very measured and welcome approach.
Don’t blame the, for the s$%t pile they were handed by the clowns.
“measured and welcome” for you. For me, its timid and weak. It sure doesn’t match his bravado over the last few years. As the only life form on the Island to have foretold the recession I would’ve expected more boldness and clear evidence that he’d thought about this before “looking under the hood”. Its obvious that having looked he’s found nothing we didn’t know already and is unable to match his sneering commentary on the PLP’s performance with something meaningful of his own. Trust me, the fact that the Chamber and Peter Everson are happy is proof that this doesn’t smell right. I guess we’ll have to wait for the real maker of economic policy to speak before passing full judgment on this “damp squib”. Oh, that’s Dr. Gibbons by the way.
Well, in one part, i would agree. I would have removed all barriers to non Bermudians owning property and i would sell Bermudian status certificates too? But that’s just me trying to attract investment and interest.
@Sandgrownan … Just up your ally . If Bermuda was to remove all barriers to allow non Bermudians to have a free reign on property in paradise , I’m sure that your family back home would practically kill themselves in the mad rush emigrate . Encourged no less by you and the rest of your bald buddies .
Why do you think this will kick start the housing matket? that is pie in the sky thinking.
The world is everchanging and it will take a new approach to Tourism because that and only that will secure Bermuda.
Let’s focus on dragging this country out of the economic situation it is in, please.
If the new administration’s plans do not work–then let’s table our comments, but to do so before there are any results is not a productive use of our energy.
Equally—complaining about the weaknesses of the last administration is pointless.
Let’s wake up Bermuda and fix the problem that we have in front of us and please stop whining—its really unbecoming for adults–the world reads these blogs…
It is very clear to me that it wouldn’t matter what the Budget said, a certain element would find fault. Not to do so would be disloyal to the previous government, I guess. Sad.
Expect some pain Bermuda! We have to be prepared to all work together to put Bermuda back in the black. Great budget Mr Richards. I am 68 and don’t mind having to pay to license my car. The number of Seniors are increasing daily and we can’t expect Government to continue to give us licensing for free.
Weak Budget, I am most disappionted, no BOLD solutions as MR Richards told me on the doorstep he would provide. This was not what I expected, he has raised our debt so high, it is not required. OBA had put BErmuda in a bigger hole. Disappionting at best, failure to live up to what they promised me !! It a budget that seem to be focus on non-bermdians and the Business man on front street only…similar to the actions of the UBP. I think I have been fooled…