Shadow Finance Minister Bob Richards believes the national debt may have surpassed $1 billion as international business has begun a “not so silent migration”.

In a press conference this afternoon, Mr. Richards said that as foreign workers leave the Island, Government is making less money on payroll tax, which is causing the debt to rise even further.

Mr. Richards said in order to prevent international businesses from leaving the Island, Bermuda should sit down with business leaders and discuss what they need to stay here — including looking at changing the national policy on term limits.

“Our term limit policy is based on assumptions of another era, when we were concerned that we would be overwhelmed by foreign workers,” he said. “Now we have people leaving Bermuda.”

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