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OBA proposes raft of ideas to fix economy

The One Bermuda Alliance this morning put forward a whole raft of ways to turn the economy around accusing Government of “running out of ideas and energy”.Shadow Finance Minister Bob Richards told a press conference today that immediate steps needed to be taken to “bring back hope, confidence and optimism”.The OBA’s way forward is to temporarily suspend work permit limits for two years while the controversial issue is thoroughly reviewed.The party also wants to grant employers a two-year payroll tax exemption for newly hired staff and eliminate the employee portion of payroll taxes for those earning less than $50,000 a year.It was suggested that the size of the civil service needed to be frozen, the size Cabinet needed to be reduced and salaries of ministers slashed by at least ten percent.Mr Richards said Government should also pay its bills in less than 30 days to increase cash flow, adding: “We cannot expect Bermudians to tighten their belts without their leaders doing the same. Anything else would be sheer hypocrisy”The OBA also wants to fast-track the planning process to create new projects and jobs, and eliminate the licensing requirement for non-Bermudian spouses for the purchase of property.Mr Richards said there were “widespread feelings of helplessness and hopelessness” because Government had constantly blamed economic problems on the global recession.He said: “We, the OBA, firmly believe we can turn this economy around ourselves by being proactive instead of being passive”.Mr Richards said Premier Paula Cox “should recognise that she is out of ideas as a Minister of Finance” as her policies and practices “have failed Bermuda”.Mr Richards was today joined at a press conference at the OBA headquarters by OBA leader Craig Cannonier and chartered financial analyst Miguel DaPonte, a member of the OBA’s shadow board on the economy.