OBA’s De Couto On Govt CARICOM Responses
The OBA “submitted a set of Parliamentary Questions seeking further information about how Government has approached its CARICOM decision-making process” and the “Government chose not to provide any meaningful information,” OBA MP Dr. Douglas De Couto said.
Dr De Couto — who is the Shadow Finance Minister — said, “Today in Parliament, the One Bermuda Alliance submitted a set of Parliamentary Questions seeking further information about how Government has approached its CARICOM decision-making process.
“On behalf of the Bermudian public, we were hoping for answers to a variety of topics that have not been explained well, or even at all, by the “Green Paper” and the town halls. Unfortunately for Bermudians, the Government chose not to provide any meaningful information.
“Given the importance of international business to Bermuda’s economy, and the role of Bermuda’s international reputation in supporting that international business, we asked if Government has made a risk assessment to that reputation and industry from joining CARICOM as a full member. Their answer: “see the Green Paper”.
“We asked Government which finance and international business stakeholders they have consulted, and what concerns were raised. Their answer: “See the Green Paper”.
“We asked Government if they have assessed the impact of full CARICOM membership on Bermuda’s existing international businesses and finance relationships. Their answer: “see the Green Paper”.
“Most people who have read the Green Paper and attended the town halls know that none of these questions were addressed.
“Bermudians should know the answers to these questions because most of Bermuda’s economic activity [as measured by Gross Domestic Product, or GDP] is driven by international business. Most of Government’s income comes from the Corporate Income Tax [CIT] on international businesses and payroll tax on their employees.
“This income is critical for funding basic services for Bermudians, like fixing roads, paying public officers, and supporting healthcare. On top of all that, Bermuda is relying on the CIT to start to pay down our $3.3 billion national debt, which costs us $125 million per year in interest payments alone.
“Bermudians should ask Government, why haven’t you thought about the risk of becoming a full member of CARICOM to international business, our country’s main source of funding? And if you have, why can’t you share that with all of us?”
