Videos: Government & Opposition On Budget
Government Ministers and Shadow Minister of Finance David Burt both provided on-camera comments following yesterday’s budget, which saw Finance Minister Bob Richards lay out the Government’s financial plans for the upcoming fiscal year.
Noting that “nobody likes tax increases” but we “must get to grips with the deficit and debt problem because they stand between us and a secure future”, Minister Richards said that the Government will increase Payroll Tax, Customs Duty on fuel, tobacco and alcohol as well as implement a new services sales tax at a rate of 5%.
The Minister said that 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.
“With no overall decrease in Government expenditure, the goal of debt reduction falls on higher taxes and significant tax reforms,” noted the budget summary from PwC Bermuda.
Video of the Government’s post budget press conference:
Video of comments from Shadow Minister of Finance David Burt following the budget:
View all our coverage of the 2016 Budget here & the full Budget Speech below [PDF here]:
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Burt says “what we have here is a finance minister(Bob Richards)that has made mistakes in the past and refuses to own up to them”
That was just just over the top- too Funny! Thanks Mr Burt
maybe he could put together a little DVD with all the PLP mistakes edited out. He’s good at that.
It would be blessedly short.
Is it just me, but with that statement, did Mr. Burt inadvertently say that Minister Richards could be PLP all the way…
When is the PLP going to own up to their mistakes in their 14 year reign of terror where they drove this country into financial destruction?
Just to save Betty the hassle of commenting I will put across her usual key points.
The brilliance of Burt. You diehard OBA/UBPers will soon fall on your political swords. Indeedy, spot on CAPS LOCK ON….. Really. Stand strong, people power….. REALLY. The brilliance of the opposition REALLY.
Hey look at the Minister Patricia Gordon-Pamplin face at 0:40 when the photo opp man talks about looking under the hood. She’s has the politician look with her beaming eyes thinking “dam I wonder if my Bermudians still believe the crap their being feed by this oba guy
We only need 20% of the blacks to believe us and we’ll win by 2 seats again.
It is plain to see the PLP are split on most everything and are not talking within their own ranks.
I dislike the proposed 5% service tax, despite the exempt classes. It hits poorer people disproportionately. And just think of the added expense any residential construction project will cost due to the tax! My proposal is to have income tax on households making more than [$500k] per year at a rate of [4%] – they could do the percentage back calculation for a revenue target of $50m based on census data for household income.
The only way for the GST to properly work, and not negatively impact our retail and trades industries, would be to decrease the duty for commercial importation. I would still keep it for the personal importation.
Really and with a money saving shadow cabinet. . Should be a peice of cake.. only a couple of them to talk…
The country needs to have a honest conversation about both the budget and immigration . Why, because we need to be told how the Banks are holding the government. In 2003, the PLP provided relief for the PRC’s because the Banks put pressure on them. They said, ” Look , we are carrying too much paper/ mortgages on empty homes and apartments . Allow more people to come in and buy these properties OR ELSE”. More people were let in, and still coming. The banks are behind this whole budget/ immigration issue. Makes no difference who is running the country, PLP/ OBA . What matters is who is holding the purse strings.
Mr. Burt. If you ever expect to get my vote or respect you”ll have to take the time and explain where all the missing money went during your 14 years of deception. No respect until you do.
When are the so,called PROGRESSIVE LAbour party going to give us solutions and their plan instead of whining oh that’s right no plan just try get in power and when they get hands on the till again just spend it all on another free for all party
Take a look at chart 13…tells the whole story – from the PLP’s out of control spending that put our entire way of life at risk, to the fantastic job the OBA have done reducing the debt