Video: Minister Richards On Economic Growth
Minister of Finance Bob Richards said he cannot give a “huge amount of hope for economic growth this year”, however said the things have been put in place by the Government are starting to work.
The Minister was speaking at the Capital G Wealth Conference, beginning his speech by joking about his 7-minute limitation, saying that “as a politician, in 7 minutes I won’t even get out of first gear.”
Minister Richards said, “We find ourselves in a situation we Bermudians are not accustomed to. Some mentioned the miracle economy Bermuda has experienced since the end of WWII has become the norm for us, it has certainly not been the norm for the rest of the world, but is the norm for us. Now we are suffering the effects the rest of the world are experiencing.”
“Things changed, attitudes changed, the Government became complacent, or more complacent I should say, and thought their role was to keep new businesses out of Bermuda instead of inviting it in,” continued the Minister.
“There is a lot of talk in Bermuda about intellectual capital, well the Government took a view we need to keep intellectual capital out of Bermuda instead of inviting it in.”
“I cannot stand here and give you a huge amount of hope for economic growth this year. I am hoping for a flat year in 2013, but I can’t promise you growth. The things have been put in place as a new Government…just don’t work that quickly, but they are starting to work.
“Grant Gibbons and I were thinking about how we are going to do what we are going to do. We stated the problem this way – how we were going to stimulate the economy without increasing the deficit? We knew we had a deficit, we knew we had mounting debt, we did not want to exasperate that.
“So the budget that the Government presented in March was one that tried to do stimulative activity without hugely impacting Government deficit.”
Minister Richards mentioned cutting the licence fees for foreigners to buy property, saying “One of the things that has caused the Bermuda miracle, going back 150 years, has been inward investment into Bermuda, that direct inward investment from overseas.
“That is the thing that has fueled Bermuda, that has transformed Bermuda from a fishing, farming and ship building economy to a first world country.
“Investments from overseas, mainly from the US, but also from the UK, in the form of hotels, and the big ones were the US bases in the 1940s. Billions of dollars were contributed to Bermuda from those US bases,” continued Minister Richards.
“That flow of inward capital was almost stomped down to zero in the last four years. So our objective as a Government was to open that tap again. And not only open the tap but go after it…aggressively go after it, bring new capital into Bermuda, raise the level of economic activity, create jobs and promote growth.”
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hmmmmm if i abbreviate Bob Richards I would get…B.S.
and if I abbreviate yur pen-name I would get…..Ignoramous. you are so politically toxic, you can’t see we need to get on with the recovery process, no matter who is in charge.
Hahahahahaha!funny, I agree, Bob had so much tosay before december and he had apparently all the answers, he and the rest of his crew are still shell shocked at their unexpected and unprepared for victory! He knew before hand what he was getting and still wanted it, so time to pony up and stop spinning rhetoric about what you and Grant shall not grant to the Bermudians; and that is the opportunity to have and control the farming fishing and shipping industry which worked fine for us before politicians wanted a cut of the slaves pay for having ideas but no solutions!Polictics is a dirty slimey game and so are the players. Governments cannot help. The precious US dollar is backing the Canadian dollar and is supposed to be on par with ours yet America is in perpetual debt and is seeking any countries to bring down with them so keep looking for that dollar to come back IT WON”T!!!!
Yeah, the “U.S.” has nothing better to do than to try to take down a territory of 60,000 people just so it won’t feel alone in it’s debt. Bermuda’s problem is not the U.S. Bermuda’s problem is Bermuda. The OBA is doing the only feasible thing. It has stopped digging. It might be too little, too late, but it is all that can be done at present to stop the freefall.
I agree that they are shell shocked…..at the extent of the problem they are finding. We will be lucky if they can move us forward within their 5 year term, and equally as lucky if they get a second term
Going forward is not quite so easy as a few cosmetic changes to the country side .
Bermuda is a social experiment like no other. The efforts of everyone have pressed on in spite of some heavy detractors and distractions from our world view given by our previous generations. Our reformation i think is an ever evolving process . This age of mankind may have a few things happening on the interconnectivity of human beings , everywhere and i am inclined to think whatever example we put forward to the world should indicate our finest aspects and aspirations for the human race.
This coming decade needs to have us ever vigilant in our new and adaptive approaches to our own families and homes . When We have procured a new and clearer vision on that future people everywhere will feel the transformation in their lives and wish to emulate our success.
It is clear that our tact will need to be able to change quickly ,without hesitation with everyone going about business , smartly.
The Bermudian people have grasped the necessity to man the positions on the ship with young eyes and some that are keen and alert to what will need to be happening and are not complacent in that next change .
Luckily too , more people are aware that there are technical difficulties and have already set themselves in motion to aid and assist at these pivotal junctures. My hope is for the future being just a little better for everyone Bermudians encounter wherever they may be in the world.
I have to get back to work now .
Press On.
They are she’ll shocked ,of course they are ,finally having access to the books the future looks grim. Thank you plp for destroying our country .dont come to my door anymore you are not welcome.
Well economic reality has suddenly hit the party that before the election of 17th. Dec. claim that the recession that hit Bermuda was a home grown reccesion and
had nothing to do with the world wide economic dislocation suffered by most of the western world. Now it’s all about the world’s economic reality that has had it’s impact on Bermuda beginning at least 5 years ago. So
I guess the new watch word on the part of the anti-Bermudian regime; OBA government is hurry up and wait untill the new economic miracle takes hold
And what is your comment on Premier Cox’s assertions in the election campaign that Bermuda’s economy was ‘rebounding’? How close was she to economic reality?
http://bernews.com/2010/03/bob-richards-bermuda-dollar-now-devalued/
this is what plp did to promote ecoomy..