In a nutshell: An international company can put their capital base in Bermuda but they can hire as few people as possible if they need to. So when immigration started to affect their ability to retain intellectual capital on the Island they simply trimmed companies down to minimal levels in order to still take advantage of the regulatory and market environment but hire as few people here as possible. Which for Bermuda translates to less $$$ in our local economy.

But you can try your best to spin what you don’t understand, the previous Government were very good at it.

Only the indirect wealth generated by employing staff in Bermuda is of value to Bermuda, plus of course any corporate fees, generous donations made by the companies themselves, people to visit Bermuda in order to do business with IB, or to visit employees of IB. Obviously Bermudians employed by these companies benefit directly, and Bermuda also benefits from non-Bermudians and Bermudians employed who spend monies earned in Bermuda.

Unfortunately for Bermuda, the value of the finance industry can continue to increase hugely but with much fewer staff working in Bermuda.

This is the dilemma faced by any Bermuda government – how to extract value from the IB in order to maintain and improve the Bermuda’s infrastructure without upsetting the IB sector enough that they chose to move elsewhere.

“In addition, financial activity between Bermuda and Europe grew from $212 billion in 2000 to just under $740 billion in 2011, according to the 2012 Bermuda in the World Economy Report.

hmmmmmmmmmm so this was under the leadership of the PLP and we are in good standings with these people then why all the negativity about the PLP done us soo bad but the Minister quotes success that the PLP made …..no one else sees this??