Four former finance ministers applauded the PLP's first Budget -- then described it as a blueprint straight from the UBP.

Ex-Premier Sir David Gibbons even told The Royal Gazette : "It's the same Budget I wrote in 1976!'' Dr. David Saul, another former leader, said Mr. Cox's first Budget was "predictable'' and "naive'' and warned of tighter squeezes in the years ahead.

And former Premier Sir John Sharpe said the statement "seemed pretty boring'' but was bound to conceal "a few well disguised surprises''.

Dr. Clarence James added: "I would need to study it more in depth before I determined whether or not it was a UBP Budget. But it seems to be no great departure from what's gone on in the past.'' Sir David Gibbons spoke exclusively about the Budget, taking time out from a business trip in the Cayman Islands.

Reflecting on Mr. Cox's major announcements, Sir David said: "I couldn't have said it better myself!'' And he said he "commended'' the PLP for their goal of balancing the books, starting this year.

Mr. Cox said the financial year ending in April would represent the first time capital and current account budgets were in balance for 11 years.

His Budget included no new taxes but a commitment of $17 million in new spending and a promise to limit future Government borrowing to 10 percent of GDP.

He promised Government debt would be marked only by "prudent borrowing'' and rise to no more than $169.5 million by March 2000, well inside the debt ceiling of $185 million.

Mr. Cox also committed the Government to keeping inflation down. It now rests around 2.0 percent.

Sir David added: "I introduced the first balanced budget for many years in 1976 with the aim of repaying the national debt, which we did until we had to borrow again when a chronic housing shortage developed...

"I couldn't make any predictions about inflation because of the oil crisis.

"Prices were doubled, trebled and even quadrupled by OPEC and there was raging inflation in double figures in many western countries. Bermuda then had a very difficult time. I think that Mr. Cox's approach has been a very sensible one.

"International business can only be reassured and since they now constitute well over two-thirds of our GDP, it's essential to provide a surplus in our balance of payments until a solution can be found to halt the decline in tourism.

"I can only wish the Government every success in finding that solution. But I did start off by saying I couldn't have said this Budget better myself.

Mr. Cox also forecast real GDP growth of 2.0 percent, with the economy generating $551.7 million in Government revenues next year.

He said current account spending, starting in April, was estimated at $511.02 million, $35.9 million or 7.6 percent higher than the original estimate for 1998/9.

Dr. David Saul said: "It was very predictable because it came off an exceedingly buoyant and robust economy.

"International business is booming. Hence the numbers and balance of payments figures are excellent.

"There's a construction boom which really helps the economy and the Government because Customs duties climb accordingly.

"Having said that, it would be only fair to say I was pleased with it.

However, I think it is somewhat naive because the chickens will come home to roost.

"You can't introduce or foreshadow major capital works like new Police headquarters and new courts which are coming in the future as exceedingly large capital items.

"They not only require a monumental increase in the capital account but they also generate higher annual operating costs.

"That's leading me to say `prudent borrowing' is a very nice phrase but to keep borrowing at 10 percent of GDP with things like that in the pipeline is going to be very difficult.

"The Budget has also ignored things like the fast ferry that the Minister of Transport keeps talking about and these capital items will come in and cause problematic situations in the years ahead.

"This is a perfect post-election Budget, which is essentially to do nothing.

But in the next two to three years they won't be able to replicate this.'' And Sir John Sharpe said: "I really can't criticise or compliment it but I suspect it will reflect their recent conversion to being business friendly.

"Mr. Cox presented a glowing picture of the state of Bermuda's economy which was an admission of their inheritance from the UBP. By the same token it will make them clearly responsible for any subsequent adverse effects.

"The trouble starts over the next week or so, during which people -- especially business people -- take a closer look at it and begin to read between the lines.

"Almost invariably they will find a few well-disguised surprises.'' Focus on Budget 1999 Sir David Gibbons: "It's the same Budget I wrote in 1976!'' Dr. David Saul: `Chickens will come home to roost' HOUSE OF ASSEMBLY HOA