The Bermuda Chamber of Commerce today said it was “encouraged by the refreshingly honest approach” taken by the Finance Minister to the Budget.Peter Everson, Co-Chair of the Chamber’s Economics Committee noted: “The Minister did not sugarcoat the facts. He clearly outlined our position in relationship to the world economy and honestly addressed the issue of debt; recognising that in recent years we have not been adhering to the international debt ratio standards required to service our debt and maintain our favourable ratings.“Raising the debt ceiling to $2.5 billion is exactly what needed to be done. In the past the ceiling has been raised on an arbitrary, ad hoc basis which was not in line with the reality of our economic position. By admitting that Government continues to use debt to service its day to day commitments and pledging to create an oversight board to address government spending, the Minister is taking a realistic and appropriate approach to dealing with this huge issue.”The Chamber’s Retail and Restaurant sectors are obviously heartened by the news that current payroll tax concessions will be extended for another year, while the real estate industry was buoyed by the prospect of significantly lower licensing fees for the purchase of homes to non-Bermudians and PRC’s.Speaking on behalf of the Real Estate sector, Chamber Board member Buddy Rego said: “We are delighted that the Government has listened to industry and have seen the natural correlation between reducing the cost of purchasing property and the positive impact it will have in the construction and other related industries. When housing starts to move again we can only expect construction to rally, and the economy to strengthen as new homeowners purchase furnishings, fittings and other home improvement supplies. Government will also enjoy a significant increase in revenues through additional stamp duty fees.”Mr Everson added: “We are impressed by just how much the Government has managed to accomplish in less than three short months. There are obviously a number of underlying issues which have yet to be addressed, but by initiating a process to examine how Government is structured financially and to commit to going after delinquent taxes, the Government is heading in the right direction.“Any analyst will tell you that the cost of post-retirement benefits has outpaced the current tax base’s ability to pay and it would seem by his statements that the Minster also plans to address this issue.”The Chamber will be better prepared to comment on specifics once they have had an opportunity alongside others to study the Budget in more detail.In the meantime, a record number of guests, now close to 300, are expected to attend the Chamber’s Budget breakfast on Monday.