Live Video Replay: OBA Press Conference
[Updated] The One Bermuda Alliance [OBA] held a press conference this afternoon [July 7] with comments from Premier Michael Dunkley, Minister of Home Affairs Patricia Gordon-Pamplin and candidate Fabian Minors. The press conference has just concluded and we will have additional information later on, and in the meantime the 30-minute live video replay is below.
Update: Minister of Home Affairs Patricia Gordon-Pamplin Remarks:
One of the great strengths of the OBA is that people know their money is being responsibly managed.
I can say that because that is the record.
We imposed new disciplines and control on the management of the public purse.
We brought in all of our Budgets on target.
Every annual financial statement produced by the OBA Government has been ‘unqualified’ which in audit terms means that they are deemed to present a true and fair picture of Bermuda’s public finances.
And today we are on track to balance the Budget by 2018/19 – for the first time in 20 years.
This record stands in stark contrast to a PLP record in which they
- Presided over 700% increase in debt where every capital project ended up grossly over budget
- Recorded five straight years in which the Auditor General could not say that the PLP financial statements presented a true and fair picture of its management of the people’s money.
- These were years that the PLP Government overshot its spending targets by hundreds of millions of dollars;
- Years in which serious questions were raised about the management of public projects, many of which continue to be subject to Police investigation.
The PLP record is one of financial carelessness that brought the Island to the brink of disaster.
So when voters ask, what will be the Burt PLP do to Bermuda, I would say: Look at what they did.
Now, today I want to focus on two things the Burt PLP say they want to do: regarding the Airport project and taxation.
Airport
In his Platform announcement last night David Burt said the PLP “will review” the contract to build the Airport terminal to get a “better deal”
This, to my mind, may be the single most irresponsible and reckless thing he has said.
Why do I say that?
The Airport project is based on a contract. If Mr. Burt’s tries to change the terms of that contract:
- He will open up the Government to lawsuits for millions of dollars in damages by the people who’ve lent money to finance the project.
- He will cause the project to stop, putting people out of work and preventing the hiring of hundreds of Bermudians looking to join the Airport workforce NOW.
- He will damage Bermuda’s reputation as a reliable place to do business and he will set back our progress toward rebuilding the Island’s infrastructure.
This is extremely irresponsible as it is appears that the PLP would rather see Bermudians unemployed than to acknowledge that the OBA government has created the environment for jobs to thrive.
Bottom line is this:
- We have created the ability for Bermudians to work. We have made an agreement that assists in putting our people to work and to provide much needed enhancement to infrastructure. We will honour that agreement. To do anything less will hurt Bermuda in ways we can’t imagine.
Taxation
The second point I want to make is about Mr. Burt’s taxation plans.
In formal statements in Parliament across four years, Mr. Burt has said the PLP need to broaden the tax base, meaning they want to take more money from people to pay for their programmes.
Earlier this year, Mr. Burt repeated that plan, and said this:
- “Tax reform and broadening the tax base cannot be effective if we are unwilling to look at taxing the passive income”
This is an important statement because it has implications for every Bermudian who earn income from savings, from investments and, most importantly, from rental income.
Those are the incomes that Mr. Burt is alluding to when he talks about “passive income.”
This plan to tax passive income, when combined with payroll taxation that we all pay, is income tax.
It’s a new income tax that will hit the income homeowners get from rent, whether it’s a home or a one-room apartment.
This is income that many people use to pay off their own mortgages.
The One Bermuda Alliance believes this is the last thing Bermudians need – a tax on rental income.
We understand how important that is to so many families.
It will not happen under our administration.
It’s important that people understand this because it is a crucial difference between the OBA and the PLP. We will manage your tax dollars responsibly.
Fabian Minors Remarks:
Pat is speaking to something very important to everyone out who is earning income from rent.
Many people rely on rental income to pay their bills, buy groceries or pay down their mortgage.
These are vital dollars that Mr. Burt says he wants to come after.
I have two neighbours who are retired. They have a one-bedroom apartment they rent out. They rely on that income. It’s the difference between getting by and struggling to make ends meet.
The last thing my neighbours need is a tax on their rental income.
I like the OBA economic team for one big reason: I trust them to manage my tax dollars responsibly. They are the ‘safe hands’ choice in this election.
Here’s one example of what I mean:
My mother, 91, needs her pension income, like virtually every pensioner I know.
But Mr. Burt and his PLP colleagues are committed to taking some $70 million of pension money controlled by Government and shifting that money into start-ups companies.
Start-ups are very high-risk investments, with failure rates above 90%.
The OBA will not gamble with seniors’ pensions. That’s important to me, and it’s especially important to my 91-year-old mother.
As a small business owner, it’s important that the business environment is stable and growing.
What I’ve seen over the past four years is a government that has brought that environment back to Bermuda.
It’s made it possible for small businesses like mine to secure more clients and hire with some certainty that I’ll be able to keep the business going.
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