economic and financial platform based on the party's past record, and on portraying the opposition PLP as posing an untenable risk to the continued growth of Bermuda's economy.

Using that two pronged attack -- employed by incumbents the world over and used successfully in the past against the PLP -- the UBP has gotten off the ground fast. Good timing is the privilege and advantage of the incumbent.

Since the UBP published its platform last month it has used that advantage to hammer away at the PLP for not making their programme public. PLP Shadow Finance Minister Eugene Cox has countered by issuing some statements about his proposed programme.

However for this article, which was meant as a comparison of the proposed economic policies, Mr. Cox turned down a request for an interview to elaborate further.

He had previously told a Royal Gazette reporter he wanted to be interviewed only after the election date was set. When that date was set last Tuesday, he then added the proviso he would do the interview only after the PLP made its election platform public. He stated the reporter had misunderstood his statements and referred him to previous comments he had made publicly.

In September Mr. Cox held a press conference in which he unveiled the PLP's strategy to boost Bermuda's economy (see box). The strategy includes immediate measures to develop a national tourism plan, and the formation of a tripartite commission -- in conjunction with business and labour leaders -- to help formulate economic policy.

After the UBP published its platform, Mr. Cox attacked the party for not indicating the cost of their proposals and how the party intends to finance them.

In an interview for the article Finance Minister Dr. Grant Gibbons said the UBP's programmes were all affordable. He said the UBP's record showed a history of fiscal prudence. Government had come under its current account expenditure estimates in the three past fiscal years. Revenues came in over budget estimates. Dr. Gibbons became finance minister in 1995.

He defended the overall deficits during those three budget years as necessary to finance Government's infrastructure programmes, in the main for education, for upgrading the airport, and for developing the returned base lands.

Government has also not had to raise the statutory debt ceiling beyond $185 million. Debt currently stands at $165 million, he said.

But while revenues for the UBP programmes has been buoyed by an expanding economy, Dr. Gibbons promised to attack the capital deficit and move toward a balanced budget over the next year or two.

"There is a very clear connection between economic structure and social responsibility,'' he said. "Because of the success of the economy we have been able to spend money on investing in people and preparing Bermudians for change and how to adapt to change. We have had a bit of a catch up to do on projects. Over the next year or so the economy will probably retract. We are going to have to scale back spending. We are going to have to cut our cloth appropriately.'' Dr. Gibbons then raised the issue of the PLP not having the experience in running Government, a common theme in the UBP attack.

"Our economic policies have been clearly set out over many budget statements,'' he said. "Our policies are all about creating opportunity.

That's really comes down to creating on opportunity where business grows and jobs are created. It's very easy to say but harder to do. The big distinction between the UBP and the PLP is we have a very clear demonstrated history and a record of success on this.'' An experienced Government at the helm, he said, is important in these times of economic uncertainty. The threat by international organisations to crack down on tax havens adds to the risk. Investors tend to back out of financing projects as risk increases.

"This issue of risk is important particularly when you're looking for international capital,'' Dr. Gibbons said. "This is at a very critical point because investors have a lot of options, a lot of places where they can invest their money in at this day and age. Government creates a very important part of that environment of how businesses want to invest in the future.'' In contrast to the PLP, the UBP's record of keeping spending under control and working with the business community will help ease investors' concerns, Dr.

Gibbons said.

"In a time of real change right now, people are looking for stability, prudent fiscal management and certainly transparency and consistency of how things have been done, whether it's government budgeting, government policies, and in the fairness of which things have been applied,'' he said. "The real distinction between the United Bermuda Party and the PLP is we have a track record that has shown absolutely that we can do this, and we have done it through good periods and we've done it though bad periods.... There is no track record on the other side. The very possibility of change is going to increase risk for Bermuda, and lead to the risk of disengagement until people have a clear sense of what's going on.'' Dr. Gibbons said the most important issue on the UBP agenda is the revitalisation of tourism. Government's hiring of an overseas consultancy and the formation of a Tourism Authority -- a collaboration with the private sector -- is part of the programme. Partnership with the business sector is a means of keeping costs down.

"It means the taxpayer doesn't have to pay the full freight,'' he said.

While tourism is key, diversification of the economy is part of the strategy of continuing growth. Government has put forward proposals to attract businesses doing electronic commerce to the Island. Proposals include new legislation to foster growth and funding for training.

Keeping a tight grip on the budget is also part of the agenda. New budgeting software put in place over the past two years allows for more detailed information about Government spending. A new software package about to be put in will keep track of accounts receivable, and help Government crack down on who owes what and how much.

In terms of taxes both parties have unequivocally announced a continuing policy of no income tax. Under Dr. Gibbons tenure a report on Bermuda's tax structure has been prepared by independent consultants. But he's keeping its recommendations under wraps, despite repeated inquiries from The Royal Gazette for its release, especially in the run up for the election.

Dr. Gibbons defended not making the report public. He said the recommendations have been sent to private sector businesses for comment and will later be debated in the House. The UBP's platform statement mentions a proposal to re-structure duty to help boost tourism-related retail businesses.

"There will be no major surprises,'' he promised.

Another proposal is the creation of "economic renewal zones'' in Hamilton, with "special attention to North Hamilton''. Dr. Gibbons said the manner in which these special zones will be created is a matter of consultation with businesses. He suggested Government might speed up the process of approval for businesses setting up in such areas to encourage development.

"The bottom line issue here is you have to have a well managed economy to create that social safety net and to be able to spend on education and on people,'' he said. "That's regardless of whether you're black or white, young or old. It really comes down to what's good for Bermudians.'' Asked about the perception that the UBP was not doing enough to help blacks take part in the economy he countered that the statistics don't bear out the charge.

"The numbers show that there is a catch up,'' he said. "In terms of household income we've had real increases that are not due to inflation. There weren't real increases in the US. We've seen increases in college degrees which is part of the opportunity. We've seen real increases in terms of creation of small businesses. In the 1993 to 1997 period we saw over almost 1,800 small businesses. Bermuda is moving forward. "That's not to say we can't continue to provide new opportunities,'' he said. "Anybody who thinks you can change what were maybe historical disparities overnight is simply dreaming. I don't know of any country where there are instant programmes.

...These things always take time.'' ECONOMIC PLATFORM UBP Balanced budget Renewal zones in Hamilton Restructure duty to help boost tourism related sector Streamline incorporation process for new businesses Better tracking of Government budget and accounts receivable Promote electronic commerce through legislation and training *** PLP Extend exempt companies protection for an extra four years until 2020 Develop a national tourism plan Strengthen office of the Government Auditor Formation of a body representing Government, labour and business leaders called the National Tripartite Commission to formulate economic policy Development of a National Training Agency Encourage companies to promote employee stock ownership