Finance Minister Paula Cox has been meeting with industry heads to discuss "innovative" ways to steer Bermuda through the current recession. Yesterday, shortly after announcing her leadership bid, she told a ZBM talk show that the state of the economy was an ongoing concern

"About six weeks ago, because we are living in challenging economic times, people across the board recognise that we do have to dare to do something different," she said. "A small group of us, about eight of us, met with a very small, tiny, subcommittee of the Bermuda First and because of the economic downturn it was the private sector construction firms, Belco and others, and members of the Ministry of Finance.

"We were looking to find a way to help those who have lost their job and help companies who want to keep people who are employed."

She added that the meeting was "refreshing" and a number of good ideas were discussed; a second meeting was held just days later. The Bermuda First was a report compiled by top business executives and politicians recommending ways to protect the Island from global economic threats.

"The aim was, what could we do from a Government point of view, looking at the tax structure so that people who were employed were kept employed, just as we have done some concessions for the hotels and gave them a break you have got to decide that you are going to do something differently."

She added that laying off people caused social issues something they wanted to avoid.

"If more people are kept in work they will have more disposable income," she said. "They will be able to take care of things which meant there will be less issues and by-products like crime.

"It also means people will have some money to shop and spend as that is what is causing some of the slowdown, consumers do not have confidence."

She added that Bermuda was ready for "Government on steroids" and for the Progressive Labour Party to get to work on implementing social policies and helping families.

Some people were disappointed with the PLP and wanted the "concept of the levelling of the playing field to be brought home in a more direct way", Minister Cox said.

She added Bermuda needed to take stock of its current situation and look for a way forward.

"I believe we need, and Bermuda needs, all hands on deck. There are no 'no-go' areas and there will be a number of crucial conversations and we are going to have some innovative discussions," she said.