Change Government to get economy moving - OBA
A change in Government is the fastest way to get Bermuda's economy moving again, says the Opposition One Bermuda Alliance.At a press conference this afternoon called in response to the Premier's pre-Budget report released on Monday, Shadow Finance Minister Bob Richards said, effectively, that things could only get worse under the Progressive Labour Party Government.“We're still spending more than we earn, we're still spending more than the budget calls for,” Mr Richards said at question time.“There's all this talk about cutting back, and when you look at it, she says she would spend x million and she spends x plus another set of millions. So Government budget is still out of control and with that we will see more spending and more debt.”Mr Richards' prepared statement attacked the Government for “policies and attitudes” which he said made international business feel unwelcome.He noted that Government ran a $269 million deficit during the last financial year - the “third consecutive year we have spent more than we have earned” - and was heading for a “fourth straight deficit”.Interest on Government debt was $192,000 a day and projected to be $219,000 a day in a year's time, he added.The trend was pushing Government to cut services and increase taxes, Mr Richards said.“The Government will continue to look for ways to come after your money. That is the reality of the situation they've created for themselves and now for you, the taxpayer.”Mr Richards added that Bermuda was lucky in that interest rates were low but could rise in the future.“A rise in interest rates will mean paying even more for our still growing debt - a rise that could easily lead to a Government cash crisis,” he warned.