Videos: Post 2013/14 Budget Press Conference

February 23, 2013

Finance Minister Bob Richards and Premier Craig Cannonier held a press conference yesterday [Feb 22] following the delivery of the 2013/14 Budget. They were joined by the Cabinet Ministers as well as OBA MPs.

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Highlights of the Budget include raising the debt ceiling from $1.45 billion to $2.5 billion, reducing the fees for non-Bermudians to purchase property, commencing negotiations with the unions about reducing staff compensation, a two year payroll tax break for new Bermudian hiring, a 3% increase in vehicle licence fees, additional funding to increase police manpower and raising the duty on cigarettes & liquor.

The Opposition PLP said the Budget gave non-Bermudians and employers tax relief, while everyday Bermudians and seniors will see their cost of living go up, while the Bermuda Chamber of Commerce said they were “encouraged by the refreshingly honest approach taken by the Finance Minister to the 2013 Budget.”

Minister Richards and Premier Cannonier:

Q&A with the media:

View all our coverage of the 2013 Budget here.

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Comments (11)

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  1. Truthfulness says:

    It is really sad to see the start of this new Government providing all these incentives for non-Bermudians in a span of 2 months after being in power. First was the Term Limits, now it’s the realestate market providing a decrease in licensing fees. How can this be tolerated knowing that people that are non-Bermudians looking to purchase realestate come here with money, therefore they should be paying licensing fees to contribute to decreasing our deficit. Lets make sense of this people, if they are able to purchase property in an expensive place like this, you mean to tell me they should be given finacial exemptions for doing so. What about Bermudians!!??
    Read that Budget Plan, what opportunity financially is there for the average Bermudian who is struggling? All I’m hearing is shared sacrifice but opportunity for the foreigner. I support having foreigners here to guide us in business and to train Bermudians for jobs then they need to return home. But I have a question…. Will Bermudians ascertain the same incentives in their countries??? Where is the party for Bermudians??? Where is the plan for getting Bermudians back to work?? People pay attention to what’s going on here and direct these people accordingly!! THEY WORK FOR US, WE DON’T WORK FOR THEM!!

    • The More you Know says:

      Sadly i do not think you understand how economics works. They are lowering fees to get foreigners to buy property because they are injecting money into our economy. Think of it like this a Bermudian buying property pays in BDA dollars which is the same money being recirculated in our economy. A foreigner buying property is paying for it in US dollars. This is money being injected into our economy that hasn’t been here. You talk about paying down our debt, how are we going to do this with the same amount of $….
      Bermudians are being asked/told about a need for shared sacrifice because getting more money into our economy isn’t enough, we also have to reduce OUR expenditure. This has nothing to do with foreigners it’s our debt and it belongs to us.
      As for Bermudians receiving benefits in another country as it stands right now we have the right to live and work in the UK. No work permits needed and no term limits telling us to go home after 6 years. We also have a right to full British/EC passports which allow us to work in any EC country. We also have a right to vote in the UK and if we live there full time we are entitled to UK home educational fees for school. Oh I almost forgot there are no restrictions on us buying property either.

    • frank says:

      that is the change people were fooled into voteting for you see this is all part of the ubp/oba secret plan the rebirth of the 40thieves

  2. J Starling says:

    Each media organisation was only allowed to ask one question?

    • DreamCatcher says:

      People need to wake up. This country is being sold right out from under Bermudians for the benefit of a very elite set of stakeholders. More money goes out of this island in the form of dividends to now majority foreign owned business’ thanks to the flipped 60/40 rule. If you think any new or prior government can change the economic position of Bermuda – you are dreaming. Bermuda’s economy is tied to global economic trends and lowering and giving tax breaks to foreigners already sending their money outside of this country is not helping at all. And how is that helping but a small bunch of developers who are funded by the “local” ahem – banks (benefitting again and majority foreign owned) who built more than they could sell.

      • Balanced Facts says:

        People are awake…you need a lesson in economics!

      • frank says:

        it is time to take it to the streets send graig and bob a message like we did dr. saul

    • Out of flight says:

      No way. surely they can stand the pressure and they asked more questions.

    • Cleancut says:

      I do not think any of our media reporters are capable of putting together any line of intelligent questioning, they are all speaking in tongues, including Moreno. The English gentleman that sounds like he is retarded is a total waste of time, he covered the past election and he sounded like a 6 year old child asking silly questions.

      We have a serious lack of media reporters in this country and it is to our detriment. Dan Rather where are you, we need you.

  3. god1st says:

    “surrogate city”…… on another note I am so proud of Bermuda.