Column: PLP’s Handling Of Bermuda’s Economy
[Opinion column written by PLP Deputy Party Chair Lauren Hayward Bell]
In response to the recent Op-Ed by Opposition Senator Douglas DeCouto, I feel compelled to address some of the misconceptions and criticisms he has raised about the Progressive Labour Party [PLP] Government’s handling of Bermuda’s economy and finances.
Senator DeCouto questions why, if the economy is so great, it doesn’t feel like it. The answer is simple: we are still recovering from the global economic impact of the pandemic. The PLP Government has been proactive in mitigating these effects by providing support to local businesses, increased scholarship funding for students, and launched initiatives to boost entrepreneurship. These efforts are aimed at stimulating economic growth and creating opportunities for Bermudians.
Additionally, the PLP Government has developed an Economic Development Strategy as a roadmap for Bermuda’s economic recovery and growth, and are committed to its implementation.
Despite the challenging economic environment, we have managed to keep our deficit lower than projected and have made significant investments in key sectors such as education and healthcare.
The Senator conveniently overlooks the work that the PLP Government has done to attract more people to Bermuda by introducing policies to make Bermuda more welcoming to international businesses and professionals. Progress is evidenced in the recently released Labour Force Survey Report which highlights a 4.9% increase in non-Bermudian workers between November 2020 and November 2022.
Now that Bermuda’s GDP statistics are showing signs of strengthening, Senator DeCouto makes a weak attempt to convince the Bermudian public that GDP, an internationally accepted economic indicator, is no longer an effective measurement tool for our economy. This is an insult to the intelligence of the Bermudian electorate and negates the important work of experienced, professional, and highly trained Public Officers employed at the Department of Statistics. His assertion is ironic especially given that the OBA has historically referenced the GDP.
Our Government has been transparent about the challenges we face and the steps taken to address them. We are committed to keeping the public informed and engaged in our efforts to build a stronger, more prosperous Bermuda.
The PLP Government is committed to serving the people of Bermuda and are working tirelessly to improve our economy and finances. We will continue to work with all stakeholders, including the Opposition, to achieve our common goals.
The PLP Government is not just planning for the short term, but for the long-term prosperity of Bermuda and its people.
- Lauren Hayward Bell – Deputy Party Chair of the Bermuda Progressive Labour Party
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I work in IB. I can assure Ms Hayward Bell that we feel about as welcome as a wasp at a picnic.
LOL….fabricated. Do you really think anyone believes you now?
25 years of xenophobia and outright stupidity regarding IB has done the damage.
The PLP are the biggest impediment to economic growth, actively making it more difficult to do business – look at the Dept of Immigration as a reference point.
Look at Jamaica as the place we are trying to emulate.
Only in PLP BDA …. Sad really sad
“we have managed to keep our deficit lower than projected”
In other words, we are still spending more than we take in, but we are not borrowing as much more money as we thought we would have to
Nor are we spending money on maintenance of infrastructure whether roads or buildings allowing buildings to deteriorate to the point of needing demolition, nor replacing bridges, and not paying into the sinking fund. At some point the proverbial will happen and the deficit will certainly increase.
Even the (Jamaica) Gleaner is publishing warnings about our debt. See https://jamaica-gleaner.com/article/business/20230224/business-leader-warns-debt-threat-bermuda
FWIE, according to SEED Bermuda, Jamaica’s National Debt per Capita is $5,112. Bermuda’s is $52,426
Yup. The local Bermuda economy is done.
The difference is that Jamaicans probably understand it and what it means !
“Senator DeCouto questions why, if the economy is so great, it doesn’t feel like it. The answer is simple: we are still recovering from the global economic impact of the pandemic.”
Many other economies are booming elsewhere. Ask yourself why.
“The PLP Government has been proactive in mitigating these effects by providing support to local businesses, increased scholarship funding for students, and launched initiatives to boost entrepreneurship. These efforts are aimed at stimulating economic growth and creating opportunities for Bermudians.”
The support to local business includes increased taxation hidden with trinkets like lowered payroll tax but still get unnecessary delays with operating with HM Customs.
Increased scholarship money but no real opportunity upon return unless you go to the lionfish of all employers, government.
Initiatives to boost entrepreneurs are like boats with a trap door. Unsuspecting locals are duped into thinking that owning a business is where its at.
It isn’t. Insurance alone is a damper. Import duty a d shipping costs, registering an LLC, getting a business vehicle through the TCD juggernaut, overall high cost of everything is prohibitive and don’t talk about if you need a work permit!
As far as aiming for stimulating the economy, the PLP couldn’t hit the side of a barn door with a slingshot.