Bermuda is “flirting with economic failure” and must come to terms with this “hard reality” in order to move forward, according to Shadow Finance Minister Bob Richards.The One Bermuda Alliance MP said his party didn’t feel Government had a plan to restore economic growth “that enables Bermuda to earn a fair buck and seize opportunities”.There didn’t seem to be a definite action plan so families could go about their lives with a greater sense of security and live with a real hope of a better life, said Mr Richards.Speaking in the House of Assembly last night, he said the stakes were high and how the country’s leaders oversaw the economy going forward was crucial.“It will require steady, clear, knowledgeable leadership, tough decision making and understanding the public and real honesty about where we are, where we are headed and what it’s going to take to get us back on track.”Premier Paula Cox “categorically refuted” aspects of the speech. She asked the Speaker of the House to “take note of the Government’s plan to grow the economy and create jobs for Bermudians” before embarking on a lengthy rebuttal.Hitting back against heavy criticisms, she said: “Let me be very clear, what we are seeing in this Government in terms of employment and jobs is we believe in creating an environment based on empowerment opposed to entitlement.”She said the Government had various policy decisions to address the economic state caused by the worldwide recession.Addressing MPs last night, Mr Richards said the Island needed a concrete blueprint for change that included economic stimulus.He said: “We need to promote policies that provide Bermuda with economic stimulus and because of that we have to look at our main foreign exchange sites, international business and tourism.”He said there could be no “meaningful, sustainable recovery” without the Island understanding we are in the service industry.Bermuda was not known for manufacturing cars or building ships, but rather customer service traits, he added.“To do better at it we need to change the official attitude towards people who come here from abroad to work. One way to change that attitude is to look at non-Bermudian business men or workers as long-stay tourists.”He said we needed to end the culture of bureaucracy and become a place that is service oriented. Legislators therefore needed to stop all of the ‘red tape’ and become better at marketing the Island.Mr Richards hit out at the Department of Immigration and said it needed to stop treating visitors as ‘warriors at the gate’ or view them as people blocking the way to jobs and prosperity.The MP said this approach was xenophobic rather than welcoming and added: “If we cut the red tape we reduce the cost of doing business in Bermuda, thereby making us more competitive. In effect Government will encourage more people to come here.”He proposed that Government needed to extend term limits, particularly in professions that had a high approval rate.It also needed to be more relaxed when it came to licences for non-Bermudian spouses, which he said at times were “discriminatory towards Bermudians”.Mr Richards said being more welcoming towards business people would mean the Island was more competitive in relation to other countries like Switzerland. He said Government treated these positions like they could be “replaced or exchanged” when in reality they cannot.He said we also needed to review the 60/40 ratio ownership law for corporations; and look into taking tourism out of the hands of Government and put it into the remit of a tourism authority.His other suggestions included: setting up a Bermuda Risk Institute (a centre for learning that would not only educate locals in the insurance and reinsurance industry, but people from around the globe) and branding the Island as a hub for asset management.Ms Cox said Government was committed to promoting and encouraging competitiveness and partnership in rebuilding the economy, but said the Island’s people had to come first.“We know we are a service economy for goodness sakes. Tourism and international business are going to be impacted by world events and we are acting as if we live in a cocoon insulated from reality.”It would be “irresponsible” to suggest outside problems did not also touch our shores, she said.In addition to creating strategies to make people feel welcome, she said Government had also opened up opportunities for Bermudians to work “and not just at the ground level but throughout”.l This report concludes in Monday’s paper