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Richards to urge Government to open up economy

Shadow Finance Minister Bob Richards will today urge Government to stop Bermuda from slowly dying by opening up the economy.Mr Richards is to lead a House of Assembly debate on the economy, claiming Government has no real plans to rejuvenate it and create jobs for Bermudians.“We have to open this economy up or slowly die,” the Shadow Minister told The Royal Gazette yesterday.He says the Island is suffering because of policies based on old assumptions that are unwelcoming to international business.And a change in mindset from top to bottom, removing unnecessary red tape which irritates the business community, is one way to get the economy going again, Mr Richards believes.His motion comes after a new poll by Mindmaps found nearly three-quarters of people are unhappy with Government’s fiscal management.Premier and Finance Minister Paula Cox’s approval rating and favourability have plunged to personal lows as she’s overseen soaring debt, growing unemployment and folding businesses, with many who’ve kept their jobs suffering wage freezes and overtime cuts.Mr Richards said: “We are going to put forward some ideas on how we can turn this shop around.”He says the One Bermuda Alliance has a founding principle of opportunity based in part on a strong economy.Last week, Ms Cox announced she would be more welcoming to international business by creating work permit exemptions for some non-Bermudian key workers, with permanent residency available for themselves and their families.Meanwhile one effort at helping the employment situation, Deputy Premier Derrick Burgess’ summer student initiative, will be the topic of another debate expected to take place today.That programme has seen more than 50 students assigned places within the Public Works Ministry, nearly double last year’s number.In what could be a lengthy House sitting, both motions will be discussed after MPs have tackled three pieces of legislation.The Bermuda Public Accountability Act provides a legislative framework for the Island’s public accountants, aiming to ensure audits of public bodies are performed under a transparent system of oversight.The Bermuda Small Business Development Corporation Amendment Act, which allows that body to expand to help medium-sized companies, has already been given semi-approval by the House.It was sent back for redrafting during a debate a month ago, after Opposition MPs raised a string of concerns over the way it was worded; a revised version is due before the House today.The other item due for discussion today is the Marine Board (Ferry Services Fares) Amendment Regulations.Transport Minister Terry Lister has previously warned fares for the Pink Route will be increased to offset operating costs of restoring weekend and public holiday service.Useful websites: www.plp.bm, www.oba.bm