That was the conclusion of Shadow Finance Minister Grant Gibbons' reply on Friday to the Government's Budget Statement. In the view of the Opposition, the Government's Budget, while generally reassuring to the business community, is missing opportunities which need to be taken up to assure Bermuda's continued prosperity.

The second underlying theme of the United Bermuda Party's response is that Government is being unduly optimistic about the health of the economy, and a downturn in the US economy could hurt the Island, particularly as the Government has put in place spending plans which could drive up inflation and hurt Bermuda's ability to compete.

Dr. Gibbons could have used his speech to pat himself and his party on the back for leaving the Country in good financial shape for the Progressive Labour Party's takeover. He could have taken credit for many of the programmes in the Budget which started as UBP initiatives. And there is a certain amount of self-congratulation in his speech.

But it is also a reasoned and valuable reply, which acknowledges the many good things contained in the Government's first financial blueprint while pointing up the dangers ahead for Bermuda and the points where the new Government seems to be missing opportunities.

In doing so, he has the benefit of having sat behind Finance Minister Eugene Cox's desk until four months ago, and therefore has a detailed knowledge of the work that his Government was doing before it fell last November.

Now, no longer bound by Cabinet confidentiality, he is able to discuss the contents of the Tax Review and other programmes and studies. To be sure, here, and in a number of other cases, he could be accused of being disingenuous. He calls on the Government to release the Review, while skirting around the fact that it was not made public during his tenure.

And Dr. Gibbons points out, perhaps rightly, that the new Budget is "tax and spend', only without the tax. Dr. Gibbons seems to be suggesting that a UBP Government would have held down spending, but given the promises contained in its own platform, it is difficult to see how this would have happened.

At the same time, he raises a number of valuable proposals for the Island. One is the renegotiation of Government's debt at lower interest rates. Another is the range of legislation drafted, but not yet enacted by the Government. Much of this legislation covers better regulation for the banking and financial services sectors and is politically neutral.

Mr. Cox and the Government would be wise to move on these areas -- and on pensions -- as soon as possible.

This would not mean that the Government is being shown up by the Opposition; only that good ideas which will benefit the Island should be acted on.

When it was in Opposition, the PLP often complained, with some justice, that the UBP lifted their ideas without giving any credit.

Now that it is in Government, it has a chance to do the same -- while rightly giving due credit -- for the benefit of the Island. That could open a new era of cooperation between the Island's two main parties. That would be a fine achievement for the new Bermuda.