Party governments for racking up Bermuda's $170 million debt.

But he said the new Government would still fulfil its promises, despite the tightened purse strings.

He added: "Unfortunately, we can't do anything about parameters put in place by the previous Government.

"Unless we start repudiating the contracts of previous governments, then we will be in difficulty.

"That stranglehold has been put on us by the UBP and that will be reflected in the budget. But we will deliver on all the promises we made.''