Live Updates: Opposition Reply To The Budget

February 26, 2016

[Updating] Shadow Minister of Finance David Burt is set to deliver the Progressive Labour Party’s Reply to the Budget in the House of Assembly today [Feb 26], responding to the 2016/17 Budget delivered by Finance Minister Bob Richards last week.

Minister Richards said the deficit for the coming Budget is likely to be $199.4M, of which $150M will have to be borrowed from the Butterfield loan facility. The Budget is projected to be $1.196 billion for the 2016-17 financial year while revenues are projected to be $996.9 million.

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Comments (30)

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  1. Jus' Wonderin' says:

    #Vision2025

    HAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

    • Double S says:

      I thought the same.

      They have b!%@hed and moaned that the OBA haven’t resolved all of the massive inherited issues in 3 years, but then turn around and say we have a 10 year plan.

      Politicians are definitely a different breed.

      • Truth (Original) says:

        How does Mr. burt say stuff like this with a straight face?

        ” The price of the Minister’s poor decision making over the past three years is the across-the- board tax hikes he unveiled last week”

        Yes, of course, the last 3 years is what got us in this predicament.

        What a numpty.

        • Attention all members of the Opposition Party, (Progressive Labour Party)while you’re sitting on the other side of the room: “Don’t let the guilt of poor choices weigh you down” :-(

        • Navin Pooty Tang Johnson says:

          how does he say it with a straight face? easy as he has no idea what he is talking about…the OBA is stuck paying for the Civil Service that was bloated under the PLP lets hire everyone campaign….

    • TO JUS’ WONDERIN’: Yup!! That comment suits the oba/ubp appropriately.
      You just misunderstood your queue, that’s all!!
      HEEHEEHEEHEE!!!!!!!!!!!!!!!

  2. interesting says:

    Burt just isn’t fit to do this. Bean and the PLP would be better off giving someone who actually knows about economics this position, maybe Wilkerson. NO WAY I’d want him as finance minister, and this is from someone who has been leaning PLP lately.

  3. Noncents says:

    Anyone that takes this guy seriously needs their head examined. Never once has he accepted responsibility on behalf of his party for the disaster that is our economy. It’s akin to lighting your own house on fire and criticizing the fire department for taking too long to put it out.

  4. Informed Bermudian says:

    Burt’s math and economics has never made sense to me. He just does not have the experience nor the ability to do this, and seeing as he was Jr. Finance Minister under the Cog he has lost all credibility with me. And thus far, his response is just as unimpressive as the budget itself.

    You see PLP, I was with you until you reminded me that you want to let an IT man manage the public purse.

    • Food for thought:
      “A man is known by the company he keeps. A company is known by the men it keeps.” -Thomas J. Watson, businessman (17 Feb 1874-1956
      You P.L.P. members need to read the writing upon the wall….

  5. serengeti says:

    “…a local sovereign-wealth fund called the “Bermuda Fund”.

    So he’s going to borrow money and let local people “invest” it? And that’s going to be called a “sovereign wealth fund”.

    Oh yeah. Can’t see that going wrong at all.

  6. Tired of it all says:

    Where are we getting funds for a sovereign wealth fund Mr. Burt?

    Most sovereign wealth funds are generated from the natural resource (i.e. oil) of the country in question. As is the case with many Middle Eastern countries and some Scandinavian.

    Serious question…

    • Tired of it all says:

      Never mind, I see that you will provide the seed monies for the ‘Bermuda Fund’ from the Government pension funds that are underfunded by more than $2 billion. the pension funds that PLP failed to audit from 2004 to 2012.

      Great idea Mr. Burt. Just stellar.

    • Onion says:

      Bermuda had an opportunity to create a fund from the surpluses when tax revenue was surprisingly high 2003-2009ish but instead they abandoned financial control and blew the surpluses and then some.

  7. wow says:

    Can the PLP not find someone more competent to fill this roll? I can’t handle much more of this man or his smudged math. Bob is bad, but Burt would be catastrophic.

  8. Zzzz says:

    Fair game: jobs, immigration, airport etc.

    But to wax lyrical about the OBA and the spiraling debt situation mans Burt cannot be taken seriously. The PLP government left Bermuda with a structural deficit situation. This is an undisputed fact and the blame lies 100% at the PLP’s feet.

    PLP: Please replace the shadow finance minister with a candidate of the caliber required to navigate Bermuda through these extremely challenging times. If you can come up with a candidate of the quality of Eugene Cox I expect you will be elected to govern in just under two years time.

    • Onion says:

      The PLP has always promised MORE debt. Even in last year’s response to the budget.

  9. BURT GO HOME! says:

    This man helped put us in this position as Paula’s Junior Minister, and now has provided no real alternative as far as the budget goes. I think he should resign if he has any conscience. BURT, YOU’RE JUST AS MUCH TO BLAME!

    • No longer a member says:

      The one that built the huge housing complex in St David’s and litterally gave it away at $250K each and the we wonder why we are so much debt? What a joke and a nightmare to come when they win government again.

  10. reason says:

    MP Burt, I appreciate you holding Minister Richards accountable and the hope you have given the people of Bermuda. PLP All Day!

    • Truth (Original) says:

      …But he hasn’t held himself or the PLP accountable for the financial disaster that they left the Country in !!

      Amateurs.

      When they can bring themselves to be honest about their term, then we can start talking about the current Gov.

      if you can’t do that, just shush and let the grown ups fix the mess you created.

  11. LiarLiar says:

    There’s actually no numbers in his budget reply.

    Aren’t actual numbers (i.e. revenue, expenses, deficits and debt) a given in a budget reply?

    Lot of platitudes and big promises, but no substance at all.

    I do note however they admit that their ‘diversification’ efforts will be into industries that will require AT LEAST 50% foreigners along with tax incentives to be granted. Kind of flies in the fact that they are against concessions and more foreigners doesn’t it?

    On top of that they say balancing the budget and bringing down the deficit will be a consequence of increased taxes from their diversification efforts. How does that belief reconcile with the tax ‘incentives’ you promise to issue to these new investors?

    Also, like the acknowledgment that the PLP won’t reverse the OBA expense reductions as they are necessary. the actual wording is as follows:

    “It’s just not possible, and that is because the biggest challenge that Bermuda must face is getting to grips with a debt burden that continues to grow.”

    So will you now stop calling the OBA anti-Bermudian and heartless when it comes to this subject?

  12. Mutual Respect says:

    ALL of oppositions plans involve MORE debt? “We will invest in tourism, we will invest education, we will diversifying our economy, we will re-train our labour force”….where’s the part about where all this money is going to come from and how we will repay our debt? Bermuda is in big trouble if this is the best the opposition has to offer for Minister of Finance

  13. bermy Bud says:

    The PLoP cant even figure out who their leader is, yet alone run a country and its finances! Go figure!

  14. Truth (Original) says:

    This reply offers very little and often times, makes no sense at all.

  15. GREEN ALIEN ALLAN says:

    it becomes clearer every day the plp has LOST the plot. only thing they are good for is a big belly laugh cause they really do not have a bloody clue

  16. John E. Thorne says:

    David Burt is a joke and proves that the PLP should never be trusted to run this country ever again!

  17. Trisha says:

    When the value of the Bermuda dollar goes down no one will want to get status anymore.

  18. Ya fullish says:

    Did anyone here even read their budget response?