OBA’s Richards: ‘Job Losses Can Be Stopped’
[Updated] “Bermuda’s continuing job losses can be stopped, but it will take a government committed to real reform and change to stop the bleeding and grow the economy once again,” Shadow Minister of Finance Bob Richards said.
This year there have, or will be, redundancies or job losses at entities including Elbow Beach Hotel, JP Morgan, ACE Insurance, Gibbons Company, Bermuda Zoological Society, Jupiter Fund Management and more. The 2012 Bermuda Job Market Employment Brief indicated that 698 jobs were lost in 2011; there were 37,399 jobs counted in 2011 compared to 38,097 in 2010.
Mr Richards said, “The OBA over the past year has put forward plans to grow jobs across the board. These plans are designed to stimulate hiring through tax incentives, cutting red tape to facilitate economic activity and reforming immigration to make it work better for Bermuda.
“Some of our plans are innovative, others are just plain sensible; all our doable. It just takes a government willing to change. That is Bermuda’s problem today. We have a government that is hung up on policies from another time, policies that no longer work for the people.
“Bermuda’s challenge starts with the fact that the Government can’t bring itself to even acknowledge a problem exists. Here’s an example of what I mean:
“In May, members of the Association of Bermuda Insurers and Reinsurers (ABIR) reported staff numbers had been cut over the past four years, with many Bermudian job losses resulting from the departure of executives.
“In its May survey, ABIR urged the Government to take action to reverse the situation: “Accelerated action by the Government to encourage ABIR members to locate senior executives here in Bermuda would be helpful,” ABIR said. “As the numbers from our survey demonstrate, there is a direct correlation between these senior executives being in Bermuda and employment opportunities for Bermudians.”
Mr Richards continued: “That same month, the PLP said: “The truth is international business has grown considerably under the PLP. Our balanced policies ensure that international business thrives while also ensuring that Bermudians benefit.”
“This is an example of a Government that has turned a blind eye to a problem that affects thousands of Bermudian families. It is an example of a mindset that is serving the Government’s political needs, not the real life needs of Bermudians.
“If you don’t know or admit a problem exists, then you can’t fix it. People need a government that’s focused on fixing their problems, not a government in denial. It’s time for change,” concluded Mr Richards.
Update 5.04pm: Replying to Mr Richards statement, Junior Minister of Finance Senator David Burt said, “FACT: In 1998, there were just 2,918 jobs in international business. As of 2011, there are 4,077 international business jobs.
“FACT: In 1998, international business contributed $438,517,000 to our GDP. In 2010, during the height of the Great Recession, international business generated $1,461,824,000 to our GDP.
“Mr. Richards and the OBA are entitled to their own opinions, but, they’re not entitled to their own facts. “Don’t take our word for it. Ed Noonan of Validus says that he sees “a bright future for International Business on the Island.” And Gary Devery of MS Frontier Re said that they view “the Bermuda market as leading in the reinsurance industry as a whole.”
“The facts are clear. Even during these tough global economic times, the PLP is surely and steadily moving Bermuda forward,” concluded Senator Burt.
Please Mr. Richards can you please share these plans and ideas with the rest of the island, because i am tired of heard about your firm grasp on obvious……
Mr. Richards:
Apparently you like to hear yourself talk – - we have heard you say this numerous times citing the OBA “plans are designed to stimulate hiring through tax incentives, cutting red tape to facilitate economic activity and reforming immigration to make it work better for Bermuda.” Even further saying that “some of our plans are innovative, others are just plain sensible; all our doable.”
My question – - your party has shared a basic idea –
1. Tax incentives – how will they work? how will it assist? how are they different from the tax breaks already provided by the government?
2. Cutting red tape – this is not a plan – this is simply political rhetoric (anyone who has ever been involved or follwed politics knows this)
3. Reforming immigration – again, HOW? How will allowing more foreign workers/executives to come and work in Bermuda will “make it work better for Bermuda.” Meaning the average lower economic Bermudian worker who is feeling it the most right now? Not you and people like you Mr. Richards – - we know that your business interest will be covered with the reform you are seeking. This man seeks to kill Bermudian jobs by cutting the civil service – not “reforming” it – just cutting. (Meaning it will affect real Bermudians)
Mr. Richards – your thin veiled attempt to cloud the minds of Bermudians needs to cease. Your 15 minutes are up, according to my clock. Your desire for fame and power have made you a liability to your party, whom I hope can clearly see you for what you are truly about – yourself.
Yng Black Mind
(those who know understand)
so agree with YOUNG – Mr. Richards was rightly named “bob the snob” We young people tune him out completely, he’s the biggest joke in school. Where did he come from, we just don’t feel it! get it WE DON’T FEEL YOU ALL – we can vote this time for the first time and it won’t be 4 imposters like Mr. Richards and definately not Mr. Dunkley & Mr. Cannionier. We listened to Mr. Dunkley and he does not sound in tune with young black people and looks like his just putting Mr. Cannionier forward to use him. No Sir we don’t like these guys.
If Mr Richards and the OBA can “save Bermuda” then why not put their ideas on the table? If they are really putting Bermuda first then they would put the ideas out there. Let the electorate choose who to implement them. But it seems they want to keep their cards so close to their chest, and play mind games.
I recall Mr Richards on Gary Moreno show saying the OBA would suspend term limits for 2 years and then figure something out. Sorry, but that is not policy. That is winging it and hoping for a miracle.
Everyone knows that all of these redundancies are not the fault of the PLP government, no matter how much Mr Richards tries to say that. There is a worldwide economic recession at play and most companies are cutting expenses. It is just the nature of a capitalist society. It may be politically expedient for Mr Richards to misinform the electorate but at the end of the day it will do him no justice.
The Dept of Immigration is refusing work permit renewals left right and centre – even when no Bermudians have applied for the posts, nevermind qualified Bermudians. In this economic climate, companies cannot afford to be jerked around like that so they are taking more jobs out of here.
It’s not just intl companies now. It’s also local companies – who are financially distressed due to the shrinking population. To survive, they will have to ship jobs out, perpetuating the problem.
The PLP just don’t know what they are doing.
David Burt can quote Validus’s marketing snippets to make his point. But the fact is that Validus is in the process of shipping several business functions out of Bermuda to Canada.
Richards the PLP sold me nothing now you’re trying to sell us DUNG!
So do I eat nothing or do I eat dung?
Mr Richards , What will you do to guarantee and keep all jobs?
Let’s face it. We read daily in the newspapers and hear on radio and television about more and more job losses so we start with the sure knowledge that right now our Government has no answer to this growing problem. We hear about hotels that are just about to be built – but we’ve been hearing that empty problem for years.
Neither the PLP or the OBA will have all the answers, but one thing for sure, the PLP is not cutting the mustard, and whenever I speak with anyone in International Business, they are of the opinion that the OBA will at least have an understanding of their issues and will make a concerted effort to get us back on track.
If the loss of jobs is anything to go by, the PLP is failing miserably, and the electorate might just decide that it’s time for a change.
I would like very much to see a breakdown of the figures Mr. Burt has put forward. He says that in 2011 there were more than 4000 IB jobs. It may be true, but I don’t think those figures were sustained in 2012. Not with the amount of IB companies that have been departing over the last 9-12 months.
Mr. Burt’s statement of fact regarding how many millions/billions of dollars IB was contributing to our economy in 2010 only makes the present situation even more dire.
Please, somebody, give us a full, factual breakdown of which and how many companies have left the island and how many of the new companies that have registered here actually have office and staff (more than just a room with a desk and a phone and one person to answer that phone).
No more half-truths, please. There may be a “bright future” but the present is looking mighty murky and the light at the end of the tunnel can’t be seen.
Once again, Pastor Syl to the OBA’s rescue. Pastor Syl is so unbiased. LOL.
I would hope she asks the OBA to quantify how many jobs they expect to save. As they say the devil is in the details and the OBA has provided no details on anything.
Mr. Burt get real. Yes the number of jobs and the $ value has gone up. but that is across the board and not just in IB . inflation and more business period will cause that increase. nothing to do with PLP UBP or politics period.
Like they say lies damn lies and statistics. I can make number jup as well. look at the drop in the CPI. It could be stated that inflation drop 11% month over month. that woild be accurate ># is 11% of 2.8. so dont quoter numbers without putting them into context, which is soming i see being done all of the time.
I.E. the graduation and GCE scores at berkeley. we say 100% graduation and completion of GCE. or something like that. Yes but what is that in terms of % of the number of students that were enrolled 12 years prior. That would be a true measue. that 100% of the sutdents enrolled 12 years ago graduates.
Yes Mr. Burt and in 1998 Bermuda had full employment and no debt and today we have massive unemployment and mounting debt with no end in sight….see the difference Mr. Burt? in 1998 you had a Government that knew how to manage the island and now we have a government who is clueless…see the difference Mr. Burt? or is it just me? Do you think things are getting better Junior Minister Burt?
Mr. Richards ask Mr. Cannonier how many job were loss when he ran those gas stations?…
Too bad you all are probably too young to remember before 1998 when the PLP came to power. The same questions were demanded of the PLP then: tell us what you will do, not just say you will do it better!
In fact no opposition party will map out their plans outside of an election period. That’s it. I know its cute and easy to keep on with the ‘tell us tell us’ stuff, but it aint happening.
Other people are however looking at the reality and thinking that perhaps it is time for a change, in the same way they thought 15 years ago. Like the UBP, the PLP has no indefinite mandate to govern, and in fact it looks pretty much like the first mandate is up. No problem. The world is not coming to an end. Bermuda just needs another approach to growing its economy. Sure, its not the BIU/PLP socialist workers approach. That is not the only way. After 5 years we can see how things are, hope for improvement, and give the OBA another term. Or not. You see, we know what we are getting with another 5 years under the PLP. What we need is hope, and that can only come with a change.
Well said, Joe!