Description
Jobs and Economic Turnaround Plan
1
1
Every day, Bermudians from all walks of life
speak to me about the hardships they are
enduring as the result of our failing economy.
Families whose breadwinners have lost their
jobs tell me they are struggling to make ends
meet. Small-business owners have fewer
customers. Construction workers say there
is little work to be found. Retail workers fear
layoffs and shop closures. Taxi drivers and
hospitality workers have lamented how few
visitors there are. And landlords who rely on
a tenant to help them with their mortgage tell
me how dif?cult it is to pay their monthly bills
with their rental apartment unoccupied.
Simply put, Bermuda faces an economic crisis
so severe it casts a cloud of uncertainty over
our future. With a $1.5 billion debt, more than
3,000 of our fellow Bermudians unemployed
and over 36 percent of our young people
between the ages of 16 and 24 unable to ?nd
work, Bermuda faces the most severe chal-
lenge to its prosperity and long-term stability
in its modern history.
The current Government claims the global
recession is responsible for our economic
crisis. And while it has played a role, a major-
ity of Bermudians now realise that Govern-
ment policies and mishandling of the economy
have made the impact of that global reces-
sion much worse than it needed to be. This is
clearly evident when we see that our island
neighbours to the south have already expe-
rienced modest economic turnaround, while
Bermuda is still deep in recession, with little
improvement in sight.
Why is that the case for Bermuda?
Since 2004—long before the global recession
started—the Government has lived beyond its
means, spending tens of millions of dollars on
lavish overseas trips, hundreds of cars with GP
license plates and overpaid consultants who
under deliver. All of these excesses have been
paid for by you, the taxpayer.
While it’s evident that they should have been
saving during the good times to tide us over
during the bad, unfortunately they did not. So
to cover the excesses created by this reckless
spending, Government has borrowed more
than a billion dollars. And now, the Govern-
ment ?nds itself forced to continue borrowing
just to meet its payroll while Bermudians—es-
pecially lower- and middle-income Bermudi-
ans—are paying the price of this Government’s
excesses with reduced incomes and loss of
jobs.
Over the past 10 years, more than 2,700 Ber-
mudian jobs have gradually disappeared be-
cause of this Government’s economic policies.
Unpredictable taxation and the rising cost of
doing business forced many local employers
to cut back, and a job-killing term-limit policy
sent many international-business jobs—that
should have gone to Bermudians—overseas to
our competitors. As a result, Bermuda is going
through an historic decline in Bermudian jobs
and opportunity.
Now, the Government has claimed our
economic plan for recovery calls for drastic
cuts and austerity—and then, without skipping
a beat, they have said our plan calls for too
much spending. Well, they seem to know as
little about our plan as they do about prudent
economic stewardship.
Here’s what we know. The choice in the
coming election is not between growth and
austerity. The real choice is years of further
decline and continuing job losses based on
Our OBA Government will be committed to
social and economic equity for all — good
paying jobs, safe neighbourhoods and great
schools. We will leave no one behind.
2
GDP Growth 2011
Relative to Major Trading Partners and Caribbean Nations.
the Government’s record so far, or responsible
growth and disciplined ?nancial management
under an OBA government.
We believe that a balanced approach to eco-
nomic management is the only way to send
Bermuda on the road to meaningful recovery.
Harsh austerity measures could have a nega-
tive impact on growth and prolong the reces-
sion. And we know that we can’t grow our
way out of debt by continued Government
spending alone; that could lead Bermuda into
a much deeper ?nancial hole and the loss of
our hard-earned reputation.
That’s why it’s time Bermuda had a Govern-
ment that really invests in our people, wel-
comes rather than alienates job creators and
plans for the future by living within its means,
just like responsible individuals, families and
businesses do.
The OBA Jobs and Economic Turnaround
Plan will put Bermuda back on the road to
recovery by stimulating investment, restoring
badly needed con?dence, creating new jobs
for hard-working Bermudians and laying the
foundation for future growth and shared
prosperity. Our future depends on it.
CRAIG CANNONIER, JP, MP
Leader, One Bermuda Alliance
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
BERMUDA USA JAPAN UK GERMANY CANADA FRANCE ITALY ARUBA BAHAMAS BARBADOS CAYMAN
GDP Growth 2011
Relative to Major Trading Partners
and Caribbean Nations
Source: Ministry of Finance
%
C
h
a
n
g
e
3
THE OBA JOBS
& ECONOMIC
TURNAROUND
PLAN
Positive, sure-handed leadership of the
economy is needed more urgently than ever.
The OBA Jobs and Economic Turnaround Plan
will put Bermuda back on the road to recovery
by restoring much needed con?dence,
stimulating investment, creating new jobs
for hard-working Bermudians and laying the
foundation for future growth and shared
prosperity.
We must come out of this recession with
all the ingredients in place for an economic
expansion that generates jobs and
opportunities, grows paycheques and creates
a safer and more secure future for all. To
achieve this, we must create a new foundation
for growth—one that encourages local and
international business to ?ourish—and makes
our customers, whether they are business
owners, guest workers or tourists, feel
welcome.
The OBA will reform policies, practices and
systems that hamper economic growth, and
we must grow the economy. It is the only way
to generate the income Bermuda needs to
support critical social programmes and pay
down our debt.
“The OBA Turnaround Plan will create 2,000 jobs
over the next ?ve years by implementing pro-growth
economic policies. These 2,000 jobs will come in a
range of sectors including construction, hospitality,
retail, ?nancial services and international business.”
Bob Richards, Shadow Finance Minister,
Constituency 11, Devonshire East.
4
Grow the Economy to Create Good-Paying
Jobs for Hard-Working Bermudians
Growing the economy to
create jobs is the ?rst track of
our balanced economic plan.
Bermudians want good-paying jobs that allow
them to support their families while giving
them a sense of pride. Over the last ten years,
we know from Government statistics that
close to 3,000 Bermudian jobs and another
2,000 jobs held by non-Bermudians have
been lost to our economy — roughly 5,000
lost jobs. The OBA Turnaround Plan will cre-
ate 2,000 jobs over the next ?ve years by
implementing pro-growth economic policies.
These 2,000 jobs will come in a range of sec-
tors including construction, hospitality, retail,
?nancial services and international business.
Support Local Business Owners
and Entrepreneurs
• Create jobs in the construction industry
by reforming the approval process at the
Department of Planning and implementing
a fast-track system for straight forward
applications.
• Grant local employers a two-year payroll-tax
exemption for new Bermudian hiring.
• Boost Bermuda’s small-business sector
by ensuring that 20 percent of Government
spending on goods and services—about
$80 million annually—is reserved for the
island’s small businesses.
1
The OBA’s Jobs and Economic Turnaround Plan follows two
tracks, providing balance between responsible growth and
disciplined ?nancial management.
The ?rst track implements speci?c pro-growth economic policies to stimulate much-needed
foreign investment, restore con?dence in our economy and create new jobs.
The second track eliminates wasteful Government spending and reduces the national debt,
thereby making more money available for critical social programmes like the police service,
healthcare, education and training, and social support for families.
By implementing our two-track approach, the OBA will:
Grow the economy to create good-paying jobs for hard-working Bermudians
Control Government spending
Reduce Government debt
Create ladders of opportunity by investing in education and skills training
Strengthen critical Government services
Reduce the cost of living
To accomplish this the OBA will:
5
• Require Government to pay its bills in 30
days, generating cash ?ow for businesses
both small and large.
• Create jobs by initiating an island-wide road-
improvement programme.
• Stimulate entrepreneurship and job creation
by expanding the Economic Empowerment
Zones in Bermuda—for example, by extend-
ing the North Hamilton EEZ and developing
the Marsh Folly area—and providing incen-
tives for local job creators.
• Provide concessions to businesses and indi-
viduals committed to “green solutions,” spur-
ring entrepreneurship and creating new jobs
while safeguarding our natural environment.
• Support Bermuda’s agricultural and ?shing
industries and work with them to establish
apprenticeship programmes to provide jobs
and training for young Bermudians.
Attract New Foreign Investment
• Implement welcoming policies in partnership
with the Corporation of Hamilton that stimu-
late foreign investment in Hamilton, particu-
larly on waterfront redevelopment, thereby
boosting tourism and generating jobs.
• Support policies in partnership with the
Corporation of St. George’s that stimulate
foreign investment in the Town of St. George,
creating jobs in the construction and tourism
sectors and leading to its rejuvenation and
redevelopment.
Rejuvenate Our Tourism Industry
• Move with urgency to put professionals, rath-
er than politicians, in charge of our tourism
industry by setting up a professional, results-
oriented and accountable Tourism Authority
to rejuvenate tourism and create jobs.
• Invite blue-chip hotel owners, operators
and developers to Bermuda for a hospitality-
Bermudian-held job losses
10 years in the making
6
development summit that would deepen
our understanding of their investment
requirements. Armed with that knowledge,
we will make Bermuda attractive to new
hotel developments, thereby stimulating
the construction and tourism sectors of
our economy.
• Invest in the marketing of our World Heri-
tage Site jewel, leading to an increase in visi-
tors to St. George’s and creating jobs in the
tourism and retail sectors.
• Increase air arrivals by providing the market-
ing resources necessary and focussing on
our core northeast U.S. customer base.
•
Streamline and modernise the outdated,
cumbersome and inef?cient Hotel Conces-
sions Act to attract new hotel investors, en-
courage the upgrading of existing properties
and create jobs and training programmes for
Bermudian hospitality workers.
• Work with Bermuda College, hotels and
restaurants to enhance job-training pro-
grammes for Bermudians seeking careers in
the culinary arts and hospitality sector.
• Reinstate the Tripartite Economic Advisory
Council to enhance communication and the
critical working relationship among unions,
government and business.
• Hold a referendum on casino gaming.
• Make hotel developments in St. George’s and
Morgan’s Point a reality.
• Secure a cruise ship for St. George’s.
Make International Business
Welcome in Bermuda
• Partner with the private sector to aggres-
sively market Bermuda to the international
business world, inviting and welcoming job
creators to the island.
• Create an International Business Concierge
to assist new international businesses as
they seek approval to do business in Ber-
muda and as they start operations.
• Make Bermuda more welcoming to job
creators by fast-tracking work-permit
approval for high-level staff at start-up.
• Grant all employers a two-year payroll-tax
exemption for new Bermudian hiring,
thereby stimulating the job market.
• Suspend the current term-limit policy for
two years and institute reasonable guide-
lines that protect Bermudian jobs while
encouraging new job creation.
• Implement policies to create new revenue
streams in the international-business sector,
for example by making the aircraft registry
a QUANGO, thereby enabling it to hire the
additional expertise necessary to grow the
register and increase revenues.
• Establish an International Risk Institute in
Bermuda by partnering with a leading risk
management university to offer courses on
island, thereby stimulating the tourism and
retail sectors of our economy and creating
new career opportunities for Bermudians.
• Diversify the international-business sector of
the economy by making Bermuda attractive
to fund managers and administrators, by
diversifying the lines of business written by
our insurance and reinsurance industry, and
by expanding the existing insurance-linked
securities market.
“We will rejuvenate Tourism by
putting professionals, not politicians,
in charge of a results-oriented and
accountable Tourism Authority.”
Shawn Crockwell, Constituency 31,
Southampton West Central.
“For St. George’s, we will
create jobs by attracting
foreign investors to develop the
waterfront in the Old Town.”
Kenneth Bascome, Constituency
1, St. George’s North.
7
To accomplish this, the OBA will:
Control Government Spending
The OBA plan to eliminate wasteful government spending is the second
track of our balanced economic plan.
2
• Set up a Spending and Government
Ef?ciency (SAGE) Commission to streamline
government processes, improve delivery of
services and make government more ef?-
cient, more cost-effective, more transparent
and more user-friendly.
• Provide the Public Accounts Committee the
support it needs to help prevent the kinds of
abuses and excesses that have so damaged
the public purse and the island’s reputation.
• Create an Of?ce of the Contractor General,
independent of Government, to oversee
Government projects from tendering to
completion, to ensure that policies are
strictly enforced and to identify unfair
practices or offensive conduct.
• We will introduce whistle-blower legislation
to protect those who act in the public inter-
est by bringing attention to wasteful Govern-
ment spending.
• Insist upon ?nancial accountability in the
civil service, ensuring that budgets are
strictly adhered to.
There are also immediate steps that
can be taken to reduce Government
spending which the OBA will
implement, such as:
• Cut down on the use of consultants
by Government.
• Eliminate unnecessary Government travel.
• Reduce the number of GP-licensed cars
and set up car pooling to reduce costs.
• Reduce Ministers’ pay by 10 percent.
• Freeze the size of the civil service and
reduce it through attrition — no layoffs
of civil servants.
• Reduce costs by moving rented Government
of?ces out of Hamilton to less expensive
locations.
• Renovate existing WEDCO buildings
in Dockyard rather than build new units,
leading to cost savings.
Create an Of?ce of the Contractor
General, independent of Government,
to oversee Government projects from
tendering to completion, to ensure that
policies are strictly enforced and to iden-
tify unfair practices or offensive conduct.
SYLVAN
RICHARDS JR.
#7, HAMILTON SOUTH
PATRICIA GORDON-
PAMPLIN
#23, PAGET WEST
8
Reduce Government Debt
A government is like any Bermudian household on a budget. If spending
exceeds income, the family must dip into its savings to make ends meet.
When savings are depleted, the only alternative left is borrowing.
3
Government has consistently spent beyond
its means for more than eight years, and in
the last ?ve years revenues have been much
weaker than Government predicted. The com-
bination of these two factors has resulted in
the staggering, seven-fold increase in debt to
almost $1.5 billion from 2005.
To service this debt, Government now pays
$85 million per year in interest to foreign cred-
itors and an additional $30 million in sinking-
fund payments (money mandated by law for
debt repayment), totaling $115 million per year.
The $115 million currently spent on servicing
the debt is greater than the total spending
on any other ministry, except healthcare and
education. If current trends continue, debt
servicing will soon be the single largest gov-
ernment expenditure, and there will be even
less money to support critical government
services like the police service, education,
healthcare and social support for families. In
fact, if the increases in debt do not stop, then
the debt-service requirement will soon over-
whelm government ?nances.
The OBA’s two-track economic plan of imple-
menting pro-growth strategies and eliminat-
ing wasteful government spending will have a
positive impact on reducing government debt.
Our pro-growth strategies will create new jobs
and business activity on island. That increased
activity will result in increased government
revenues. We will use annual surpluses to pay
down our national debt. In addition, by con-
trolling excessive spending, the Government
will start to live within its means once more.
In the meantime, Government will still have
debt that requires proper management. To
facilitate this, the OBA will marshal as many
resources as are available in Bermuda by
creating a Public Debt Advisory Board. The
International Monetary Fund and the World
SOURCE: BERMUDA MINISTRY OF FINANCE
9
Create Ladders of Opportunity by Investing
in Education and Skills Training
Bermudians must have the appropriate skills and training in order to obtain
the best jobs and participate in our economy in a meaningful way.
4
Bank consider such boards as international
best practice for sovereign-debt management
as they promote transparency and con?dence
among both creditors and citizens.
Members of this Board will be drawn from the
private sector. As a leading offshore ?nancial
centre, Bermuda has residents that have the
appropriate ?nancial expertise. The Board will
advise and assist the Minister of Finance on
planning and managing government’s exist-
ing debt, and any potential future borrowing
requirements. The net result will enhance
con?dence and transparency with
Bermuda’s creditors and credit rating
agencies by providing:
• An orderly reduction in the public debt
and debt service costs.
• The replacement of the present approach
with a more effective risk management
framework to manage risk and cost
trade-offs.
• An effective partnership between
Government and private-sector expertise.
It`s time Bermuda had a Government that
really invests in our people and welcomes
rather than alienates job creators.
Unfortunately, public education reform—as
recommended in the Hopkins Report—has
been extraordinarily slow, and the lack of an
integrated technical curriculum in our pub-
lic education system has meant that a lot of
young Bermudian talent has been needlessly
frustrated. This threatens Bermuda’s future
economic success.
The 2012 Labour Force Survey shows a strong
connection between educational attainment
and income. It also clearly demonstrates that
Bermudians with higher education and
skills training have much lower rates of
unemployment.
The OBA plan for education
and skills training will:
• Create ladders of opportunity for ambi-
tious and hard-working Bermudians by
providing access to quality education and
training that leads to good-paying jobs.
ALEXIS SWAN
#24, WARWICK
SOUTH EAST
MARK PETTINGILL
#25, WARWICK
NORTH EAST
10
• Reform the public education system to
provide our young people with a strong
foundation and good options for ful?lling
careers.
The OBA’s plan for the education and train-
ing needs of Bermudians begins in pre-school
and continues through Bermuda College. It
also includes those Bermudians who may
have completed their formal education but
need additional skills or retraining to maximise
their job opportunities and take-home pay.
We recognise that not everyone will com-
plete formal education through secondary
school and there must be an education safety
net through GED and other vocational pro-
grammes to address their speci?c needs.
In a successful economy, there are many
essential jobs that Bermudians should rightly
occupy with proper training and education
— jobs in ?nancial services, healthcare, educa-
tion, hospitality and construction, to name a
few. It is the responsibility of Government to
help prepare Bermudians to take advantage
of these opportunities. Here are some of the
education initiatives an OBA Government will
pursue to create maximum job opportunities
for both young and older Bermudians:
Public-school-system initiatives:
• Expand preschools to make early education
more accessible to all, especially single-
parent households, and enhance early-child-
hood screening and intervention for learning
and behavioural de?cits to ensure that more
children are school-ready by the time they
enter primary school.
• Implement a fully integrated, modern tech-
nical curriculum, beginning in middle school
and continuing through Bermuda College.
This will ensure that all students have early
exposure to a technical/vocational founda-
tion so they are able to start a productive
career when they graduate from secondary
school.
• Extend the school day to allow more time
for music, arts, sports and additional aca-
demic assistance if needed, and work with
principals and teachers to develop ?exible
schedules.
• Increase the number of guidance counselors
in schools to provide meaningful direction
to students with educational and career
choices, as recommended in the 2009
Mincy Report.
• Incorporate modern internship and day-
release programmes in areas ranging from
hospitality to ?nancial services to better
prepare students for job opportunities
during the summer and upon graduation.
• Explore single-sex education for at-risk
Bermudian males that would combine a
solid academic foundation with technical
education and solid career options.
• Transition Bermuda College into a four-year
institution in select subject areas to give
Bermudians without the ability to study
abroad more options for college-level
training on island.
We will create ladders of opportunity for
all Bermudians by providing access to
quality education and training that leads
to good-paying jobs.
TONI SPRING
#33, SANDYS SOUTH
GRANT GIBBONS
#22, PAGET EAST
11
Strengthen Critical Government Services
Support for critical Government services is essential in these dif?cult economic
times. Investment and con?dence in our economy will only happen if we are
safe and secure in our homes, we have the education and training to participate
in the economy, and we are healthy enough to pursue opportunities.
The OBA plan to strengthen critical government services will:
• Move immediately to set up Operation
Cease?re in Bermuda, weaning gang mem-
bers from gang life and freeing them up to
become productive citizens.
• Provide the community with security and
peace of mind by giving police the resources
and support they need to combat crime.
• Ensure that FutureCare is ?nancially sus-
tainable so that seniors can continue to
enjoy health coverage for decades to come,
including access to affordable prescription
drugs, doctor’s visits and the high-quality
healthcare they deserve.
• Facilitate and support the expansion of af-
fordable assisted-living programmes for our
increasing senior population.
• Reopen the hospital medical clinic to ensure
access to medical care for the most vulner-
able members of our society, making sure
that all our people get the care they need.
• Provide the Department of Immigration with
the resources they need to protect Bermudi-
an jobs by cracking down on employers who
abuse immigration rules.
• Work with social agencies such as the Salva-
tion Army to provide good quality transition-
al housing and support programmes for the
most vulnerable members of our society.
• Introduce a banking and ?nancial services
ombudsman service through the Depart-
ment of Consumer Affairs to assist families
with mortgage issues.
• Ensure that families who are struggling
?nancially get the child daycare and ?nancial
and housing assistance they need.
5
Ongoing education and retraining
In order to properly prepare younger Ber-
mudians entering the job market, as well as
Bermudians already in the labour force, we will
partner with the business community, unions
and Bermuda College to de?ne the skills and
training required for good-paying jobs in the
professions and trades. An OBA Government
will:
• Create a modern version of the National
Training Board as a Bermuda Technical Edu-
cation and Workforce Development Agency
in conjunction with employers. The agency
will include a National Training Centre as
well as a National Certi?cation and Assess-
ment Centre.
• Provide additional support for GED and job
training programmes for Bermudians who
have not completed their education and
need to upgrade their skills in order to en-
hance their employment opportunities.
12
6
Reduce the Cost of Living
Our high cost of living imposes a tremendous ?nancial burden on
Bermudian families. We will make Bermuda more affordable for them.
The OBA plan to reduce the cost of living will:
• Reduce the cost of electricity by properly
regulating the energy sector.
• Lower energy costs for households, hotels,
businesses and the hospital through the
promotion of combined heat and power
generation (cogeneration) and more
energy-ef?cient building design.
• Reduce the cost of healthcare through
tighter control of Government-?nanced
programmes, including the Bermuda Hospi-
tals Board, which accounts for 40 percent
of all healthcare spending in Bermuda.
• Waive stamp duties for ?rst-time homeown-
ers on properties valued under $1 million.
We will support seniors by ensuring that
FutureCare continues to provide the health
coverage they deserve for decades to come.
We will help Bermudian workers by
granting a two-year payroll tax exemption
to businesses for new Bermudian hires.
LEAH SCOTT
#30, SOUTHAMPTON
EAST CENTRAL
R. WAYNE SCOTT
#27, WARWICK
NORTH CENTRAL
SUZANN ROBERTS-
HOLSHOUSER
#4, ST. GEORGE’S SOUTH
ANTHONY
FRANCIS
#13, DEVONSHIRE
NORTH CENTRAL
13
Getting the economy up and
running on all cylinders will provide
opportunities for Bermudians to earn
good-paying jobs and help create a
secure future for their families.
For families whose main breadwinner
is unemployed, our plans will help
create 2,000 new jobs.
For all Bermudian workers, we will
grant a two-year payroll tax exemption
to local and international businesses
for all new Bermudian hires.
For construction workers, we will
create jobs by attracting new foreign
investment in our tourism sector, and by
reforming the approval process at the
Department of Planning.
For workers in hospitality, we will create
jobs by attracting foreign investors to
partner with us to develop the Hamilton
and St. George’s waterfronts, rejuvenate
tourism by putting professionals in
charge of a Tourism Authority and
aggressively market our unique
characteristics as a destination.
For entrepreneurs and small business
owners, we will create jobs by
reserving $80 million in Government
spending annually for Bermuda’s small
business sector, and by ensuring that
Government’s bills are paid within 30
days, putting money into the hands of
Bermudian small business owners.
For workers in retail, we will create jobs
by attracting more visitors to Bermuda,
and by creating more jobs across the
other sectors of our economy, giving
Bermudians more spending power.
For workers in international business
and related service industries, we
will stimulate job creation by making
Bermuda more welcoming and
attractive to international companies.
For landlords who have lost tenants
during the downturn, some of the new
jobs will be ?lled by guest workers,
so Bermudians will be able to rent
their apartments again, and pay their
mortgages.
For Bermudians working in retail,
hospitality and tourism, those guest
workers will buy cars, bikes, furniture
and more from Bermudian businesses,
and eat and drink in restaurants
Conclusion
Our Jobs and Economic Turnaround Plan will put Bermuda back on the road
to recovery by restoring con?dence, stimulating investment and laying the
foundation for future growth and shared prosperity.
14
employing Bermudians, providing
bene?ts to the retail and hospitality
sectors of our economy. Their friends
from overseas will come for visits,
boosting the tourism sector, and spend
money on the Island, stimulating the
retail and hospitality sectors.
For parents and students, our
comprehensive education plan will
provide enhanced programmes from
pre-school through Bermuda College,
giving young Bermudians the education
and skills they need to earn good-
paying jobs.
For those unable to travel abroad
to study, we will transition Bermuda
College into a four-year institution in
select subject areas to give Bermudians
more options for college-level training
on island, leading to good-paying jobs.
For all Bermudians, we will set up a
Bermuda Technical Education and
Workforce Development Agency
to develop skills that lead to good-
paying jobs, as well as an International
Risk Institute to create new career
opportunities for Bermudians.
For all Bermudians, our plan to
eliminate wasteful Government
spending and reduce the national debt,
will free up money to be spent on
critical Government services such as
the police, education, healthcare and
social support for families that
will bene?t all Bermudians.
For the most vulnerable members
of our society, we will re-open the
hospital medical clinic.
For seniors, we will ensure that
FutureCare is ?nancially sustainable
without increasing Bermuda’s debt
so that seniors can continue to enjoy
the health coverage they deserve for
decades to come.
For all Bermudian families, we will
reduce the tremendous ?nancial burden
by taking concrete steps to reduce the
cost of living.
For all Bermudians, we will ful?ll our
promises while remaining committed to
creating social and economic equity in
Bermuda. We will leave no one behind.
15
294-3264 | [email protected] | www.oba.bm
doc_600759566.pdf
Jobs and Economic Turnaround Plan
1
1
Every day, Bermudians from all walks of life
speak to me about the hardships they are
enduring as the result of our failing economy.
Families whose breadwinners have lost their
jobs tell me they are struggling to make ends
meet. Small-business owners have fewer
customers. Construction workers say there
is little work to be found. Retail workers fear
layoffs and shop closures. Taxi drivers and
hospitality workers have lamented how few
visitors there are. And landlords who rely on
a tenant to help them with their mortgage tell
me how dif?cult it is to pay their monthly bills
with their rental apartment unoccupied.
Simply put, Bermuda faces an economic crisis
so severe it casts a cloud of uncertainty over
our future. With a $1.5 billion debt, more than
3,000 of our fellow Bermudians unemployed
and over 36 percent of our young people
between the ages of 16 and 24 unable to ?nd
work, Bermuda faces the most severe chal-
lenge to its prosperity and long-term stability
in its modern history.
The current Government claims the global
recession is responsible for our economic
crisis. And while it has played a role, a major-
ity of Bermudians now realise that Govern-
ment policies and mishandling of the economy
have made the impact of that global reces-
sion much worse than it needed to be. This is
clearly evident when we see that our island
neighbours to the south have already expe-
rienced modest economic turnaround, while
Bermuda is still deep in recession, with little
improvement in sight.
Why is that the case for Bermuda?
Since 2004—long before the global recession
started—the Government has lived beyond its
means, spending tens of millions of dollars on
lavish overseas trips, hundreds of cars with GP
license plates and overpaid consultants who
under deliver. All of these excesses have been
paid for by you, the taxpayer.
While it’s evident that they should have been
saving during the good times to tide us over
during the bad, unfortunately they did not. So
to cover the excesses created by this reckless
spending, Government has borrowed more
than a billion dollars. And now, the Govern-
ment ?nds itself forced to continue borrowing
just to meet its payroll while Bermudians—es-
pecially lower- and middle-income Bermudi-
ans—are paying the price of this Government’s
excesses with reduced incomes and loss of
jobs.
Over the past 10 years, more than 2,700 Ber-
mudian jobs have gradually disappeared be-
cause of this Government’s economic policies.
Unpredictable taxation and the rising cost of
doing business forced many local employers
to cut back, and a job-killing term-limit policy
sent many international-business jobs—that
should have gone to Bermudians—overseas to
our competitors. As a result, Bermuda is going
through an historic decline in Bermudian jobs
and opportunity.
Now, the Government has claimed our
economic plan for recovery calls for drastic
cuts and austerity—and then, without skipping
a beat, they have said our plan calls for too
much spending. Well, they seem to know as
little about our plan as they do about prudent
economic stewardship.
Here’s what we know. The choice in the
coming election is not between growth and
austerity. The real choice is years of further
decline and continuing job losses based on
Our OBA Government will be committed to
social and economic equity for all — good
paying jobs, safe neighbourhoods and great
schools. We will leave no one behind.
2
GDP Growth 2011
Relative to Major Trading Partners and Caribbean Nations.
the Government’s record so far, or responsible
growth and disciplined ?nancial management
under an OBA government.
We believe that a balanced approach to eco-
nomic management is the only way to send
Bermuda on the road to meaningful recovery.
Harsh austerity measures could have a nega-
tive impact on growth and prolong the reces-
sion. And we know that we can’t grow our
way out of debt by continued Government
spending alone; that could lead Bermuda into
a much deeper ?nancial hole and the loss of
our hard-earned reputation.
That’s why it’s time Bermuda had a Govern-
ment that really invests in our people, wel-
comes rather than alienates job creators and
plans for the future by living within its means,
just like responsible individuals, families and
businesses do.
The OBA Jobs and Economic Turnaround
Plan will put Bermuda back on the road to
recovery by stimulating investment, restoring
badly needed con?dence, creating new jobs
for hard-working Bermudians and laying the
foundation for future growth and shared
prosperity. Our future depends on it.
CRAIG CANNONIER, JP, MP
Leader, One Bermuda Alliance
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
BERMUDA USA JAPAN UK GERMANY CANADA FRANCE ITALY ARUBA BAHAMAS BARBADOS CAYMAN
GDP Growth 2011
Relative to Major Trading Partners
and Caribbean Nations
Source: Ministry of Finance
%
C
h
a
n
g
e
3
THE OBA JOBS
& ECONOMIC
TURNAROUND
PLAN
Positive, sure-handed leadership of the
economy is needed more urgently than ever.
The OBA Jobs and Economic Turnaround Plan
will put Bermuda back on the road to recovery
by restoring much needed con?dence,
stimulating investment, creating new jobs
for hard-working Bermudians and laying the
foundation for future growth and shared
prosperity.
We must come out of this recession with
all the ingredients in place for an economic
expansion that generates jobs and
opportunities, grows paycheques and creates
a safer and more secure future for all. To
achieve this, we must create a new foundation
for growth—one that encourages local and
international business to ?ourish—and makes
our customers, whether they are business
owners, guest workers or tourists, feel
welcome.
The OBA will reform policies, practices and
systems that hamper economic growth, and
we must grow the economy. It is the only way
to generate the income Bermuda needs to
support critical social programmes and pay
down our debt.
“The OBA Turnaround Plan will create 2,000 jobs
over the next ?ve years by implementing pro-growth
economic policies. These 2,000 jobs will come in a
range of sectors including construction, hospitality,
retail, ?nancial services and international business.”
Bob Richards, Shadow Finance Minister,
Constituency 11, Devonshire East.
4
Grow the Economy to Create Good-Paying
Jobs for Hard-Working Bermudians
Growing the economy to
create jobs is the ?rst track of
our balanced economic plan.
Bermudians want good-paying jobs that allow
them to support their families while giving
them a sense of pride. Over the last ten years,
we know from Government statistics that
close to 3,000 Bermudian jobs and another
2,000 jobs held by non-Bermudians have
been lost to our economy — roughly 5,000
lost jobs. The OBA Turnaround Plan will cre-
ate 2,000 jobs over the next ?ve years by
implementing pro-growth economic policies.
These 2,000 jobs will come in a range of sec-
tors including construction, hospitality, retail,
?nancial services and international business.
Support Local Business Owners
and Entrepreneurs
• Create jobs in the construction industry
by reforming the approval process at the
Department of Planning and implementing
a fast-track system for straight forward
applications.
• Grant local employers a two-year payroll-tax
exemption for new Bermudian hiring.
• Boost Bermuda’s small-business sector
by ensuring that 20 percent of Government
spending on goods and services—about
$80 million annually—is reserved for the
island’s small businesses.
1
The OBA’s Jobs and Economic Turnaround Plan follows two
tracks, providing balance between responsible growth and
disciplined ?nancial management.
The ?rst track implements speci?c pro-growth economic policies to stimulate much-needed
foreign investment, restore con?dence in our economy and create new jobs.
The second track eliminates wasteful Government spending and reduces the national debt,
thereby making more money available for critical social programmes like the police service,
healthcare, education and training, and social support for families.
By implementing our two-track approach, the OBA will:
Grow the economy to create good-paying jobs for hard-working Bermudians
Control Government spending
Reduce Government debt
Create ladders of opportunity by investing in education and skills training
Strengthen critical Government services
Reduce the cost of living
To accomplish this the OBA will:
5
• Require Government to pay its bills in 30
days, generating cash ?ow for businesses
both small and large.
• Create jobs by initiating an island-wide road-
improvement programme.
• Stimulate entrepreneurship and job creation
by expanding the Economic Empowerment
Zones in Bermuda—for example, by extend-
ing the North Hamilton EEZ and developing
the Marsh Folly area—and providing incen-
tives for local job creators.
• Provide concessions to businesses and indi-
viduals committed to “green solutions,” spur-
ring entrepreneurship and creating new jobs
while safeguarding our natural environment.
• Support Bermuda’s agricultural and ?shing
industries and work with them to establish
apprenticeship programmes to provide jobs
and training for young Bermudians.
Attract New Foreign Investment
• Implement welcoming policies in partnership
with the Corporation of Hamilton that stimu-
late foreign investment in Hamilton, particu-
larly on waterfront redevelopment, thereby
boosting tourism and generating jobs.
• Support policies in partnership with the
Corporation of St. George’s that stimulate
foreign investment in the Town of St. George,
creating jobs in the construction and tourism
sectors and leading to its rejuvenation and
redevelopment.
Rejuvenate Our Tourism Industry
• Move with urgency to put professionals, rath-
er than politicians, in charge of our tourism
industry by setting up a professional, results-
oriented and accountable Tourism Authority
to rejuvenate tourism and create jobs.
• Invite blue-chip hotel owners, operators
and developers to Bermuda for a hospitality-
Bermudian-held job losses
10 years in the making
6
development summit that would deepen
our understanding of their investment
requirements. Armed with that knowledge,
we will make Bermuda attractive to new
hotel developments, thereby stimulating
the construction and tourism sectors of
our economy.
• Invest in the marketing of our World Heri-
tage Site jewel, leading to an increase in visi-
tors to St. George’s and creating jobs in the
tourism and retail sectors.
• Increase air arrivals by providing the market-
ing resources necessary and focussing on
our core northeast U.S. customer base.
•
Streamline and modernise the outdated,
cumbersome and inef?cient Hotel Conces-
sions Act to attract new hotel investors, en-
courage the upgrading of existing properties
and create jobs and training programmes for
Bermudian hospitality workers.
• Work with Bermuda College, hotels and
restaurants to enhance job-training pro-
grammes for Bermudians seeking careers in
the culinary arts and hospitality sector.
• Reinstate the Tripartite Economic Advisory
Council to enhance communication and the
critical working relationship among unions,
government and business.
• Hold a referendum on casino gaming.
• Make hotel developments in St. George’s and
Morgan’s Point a reality.
• Secure a cruise ship for St. George’s.
Make International Business
Welcome in Bermuda
• Partner with the private sector to aggres-
sively market Bermuda to the international
business world, inviting and welcoming job
creators to the island.
• Create an International Business Concierge
to assist new international businesses as
they seek approval to do business in Ber-
muda and as they start operations.
• Make Bermuda more welcoming to job
creators by fast-tracking work-permit
approval for high-level staff at start-up.
• Grant all employers a two-year payroll-tax
exemption for new Bermudian hiring,
thereby stimulating the job market.
• Suspend the current term-limit policy for
two years and institute reasonable guide-
lines that protect Bermudian jobs while
encouraging new job creation.
• Implement policies to create new revenue
streams in the international-business sector,
for example by making the aircraft registry
a QUANGO, thereby enabling it to hire the
additional expertise necessary to grow the
register and increase revenues.
• Establish an International Risk Institute in
Bermuda by partnering with a leading risk
management university to offer courses on
island, thereby stimulating the tourism and
retail sectors of our economy and creating
new career opportunities for Bermudians.
• Diversify the international-business sector of
the economy by making Bermuda attractive
to fund managers and administrators, by
diversifying the lines of business written by
our insurance and reinsurance industry, and
by expanding the existing insurance-linked
securities market.
“We will rejuvenate Tourism by
putting professionals, not politicians,
in charge of a results-oriented and
accountable Tourism Authority.”
Shawn Crockwell, Constituency 31,
Southampton West Central.
“For St. George’s, we will
create jobs by attracting
foreign investors to develop the
waterfront in the Old Town.”
Kenneth Bascome, Constituency
1, St. George’s North.
7
To accomplish this, the OBA will:
Control Government Spending
The OBA plan to eliminate wasteful government spending is the second
track of our balanced economic plan.
2
• Set up a Spending and Government
Ef?ciency (SAGE) Commission to streamline
government processes, improve delivery of
services and make government more ef?-
cient, more cost-effective, more transparent
and more user-friendly.
• Provide the Public Accounts Committee the
support it needs to help prevent the kinds of
abuses and excesses that have so damaged
the public purse and the island’s reputation.
• Create an Of?ce of the Contractor General,
independent of Government, to oversee
Government projects from tendering to
completion, to ensure that policies are
strictly enforced and to identify unfair
practices or offensive conduct.
• We will introduce whistle-blower legislation
to protect those who act in the public inter-
est by bringing attention to wasteful Govern-
ment spending.
• Insist upon ?nancial accountability in the
civil service, ensuring that budgets are
strictly adhered to.
There are also immediate steps that
can be taken to reduce Government
spending which the OBA will
implement, such as:
• Cut down on the use of consultants
by Government.
• Eliminate unnecessary Government travel.
• Reduce the number of GP-licensed cars
and set up car pooling to reduce costs.
• Reduce Ministers’ pay by 10 percent.
• Freeze the size of the civil service and
reduce it through attrition — no layoffs
of civil servants.
• Reduce costs by moving rented Government
of?ces out of Hamilton to less expensive
locations.
• Renovate existing WEDCO buildings
in Dockyard rather than build new units,
leading to cost savings.
Create an Of?ce of the Contractor
General, independent of Government,
to oversee Government projects from
tendering to completion, to ensure that
policies are strictly enforced and to iden-
tify unfair practices or offensive conduct.
SYLVAN
RICHARDS JR.
#7, HAMILTON SOUTH
PATRICIA GORDON-
PAMPLIN
#23, PAGET WEST
8
Reduce Government Debt
A government is like any Bermudian household on a budget. If spending
exceeds income, the family must dip into its savings to make ends meet.
When savings are depleted, the only alternative left is borrowing.
3
Government has consistently spent beyond
its means for more than eight years, and in
the last ?ve years revenues have been much
weaker than Government predicted. The com-
bination of these two factors has resulted in
the staggering, seven-fold increase in debt to
almost $1.5 billion from 2005.
To service this debt, Government now pays
$85 million per year in interest to foreign cred-
itors and an additional $30 million in sinking-
fund payments (money mandated by law for
debt repayment), totaling $115 million per year.
The $115 million currently spent on servicing
the debt is greater than the total spending
on any other ministry, except healthcare and
education. If current trends continue, debt
servicing will soon be the single largest gov-
ernment expenditure, and there will be even
less money to support critical government
services like the police service, education,
healthcare and social support for families. In
fact, if the increases in debt do not stop, then
the debt-service requirement will soon over-
whelm government ?nances.
The OBA’s two-track economic plan of imple-
menting pro-growth strategies and eliminat-
ing wasteful government spending will have a
positive impact on reducing government debt.
Our pro-growth strategies will create new jobs
and business activity on island. That increased
activity will result in increased government
revenues. We will use annual surpluses to pay
down our national debt. In addition, by con-
trolling excessive spending, the Government
will start to live within its means once more.
In the meantime, Government will still have
debt that requires proper management. To
facilitate this, the OBA will marshal as many
resources as are available in Bermuda by
creating a Public Debt Advisory Board. The
International Monetary Fund and the World
SOURCE: BERMUDA MINISTRY OF FINANCE
9
Create Ladders of Opportunity by Investing
in Education and Skills Training
Bermudians must have the appropriate skills and training in order to obtain
the best jobs and participate in our economy in a meaningful way.
4
Bank consider such boards as international
best practice for sovereign-debt management
as they promote transparency and con?dence
among both creditors and citizens.
Members of this Board will be drawn from the
private sector. As a leading offshore ?nancial
centre, Bermuda has residents that have the
appropriate ?nancial expertise. The Board will
advise and assist the Minister of Finance on
planning and managing government’s exist-
ing debt, and any potential future borrowing
requirements. The net result will enhance
con?dence and transparency with
Bermuda’s creditors and credit rating
agencies by providing:
• An orderly reduction in the public debt
and debt service costs.
• The replacement of the present approach
with a more effective risk management
framework to manage risk and cost
trade-offs.
• An effective partnership between
Government and private-sector expertise.
It`s time Bermuda had a Government that
really invests in our people and welcomes
rather than alienates job creators.
Unfortunately, public education reform—as
recommended in the Hopkins Report—has
been extraordinarily slow, and the lack of an
integrated technical curriculum in our pub-
lic education system has meant that a lot of
young Bermudian talent has been needlessly
frustrated. This threatens Bermuda’s future
economic success.
The 2012 Labour Force Survey shows a strong
connection between educational attainment
and income. It also clearly demonstrates that
Bermudians with higher education and
skills training have much lower rates of
unemployment.
The OBA plan for education
and skills training will:
• Create ladders of opportunity for ambi-
tious and hard-working Bermudians by
providing access to quality education and
training that leads to good-paying jobs.
ALEXIS SWAN
#24, WARWICK
SOUTH EAST
MARK PETTINGILL
#25, WARWICK
NORTH EAST
10
• Reform the public education system to
provide our young people with a strong
foundation and good options for ful?lling
careers.
The OBA’s plan for the education and train-
ing needs of Bermudians begins in pre-school
and continues through Bermuda College. It
also includes those Bermudians who may
have completed their formal education but
need additional skills or retraining to maximise
their job opportunities and take-home pay.
We recognise that not everyone will com-
plete formal education through secondary
school and there must be an education safety
net through GED and other vocational pro-
grammes to address their speci?c needs.
In a successful economy, there are many
essential jobs that Bermudians should rightly
occupy with proper training and education
— jobs in ?nancial services, healthcare, educa-
tion, hospitality and construction, to name a
few. It is the responsibility of Government to
help prepare Bermudians to take advantage
of these opportunities. Here are some of the
education initiatives an OBA Government will
pursue to create maximum job opportunities
for both young and older Bermudians:
Public-school-system initiatives:
• Expand preschools to make early education
more accessible to all, especially single-
parent households, and enhance early-child-
hood screening and intervention for learning
and behavioural de?cits to ensure that more
children are school-ready by the time they
enter primary school.
• Implement a fully integrated, modern tech-
nical curriculum, beginning in middle school
and continuing through Bermuda College.
This will ensure that all students have early
exposure to a technical/vocational founda-
tion so they are able to start a productive
career when they graduate from secondary
school.
• Extend the school day to allow more time
for music, arts, sports and additional aca-
demic assistance if needed, and work with
principals and teachers to develop ?exible
schedules.
• Increase the number of guidance counselors
in schools to provide meaningful direction
to students with educational and career
choices, as recommended in the 2009
Mincy Report.
• Incorporate modern internship and day-
release programmes in areas ranging from
hospitality to ?nancial services to better
prepare students for job opportunities
during the summer and upon graduation.
• Explore single-sex education for at-risk
Bermudian males that would combine a
solid academic foundation with technical
education and solid career options.
• Transition Bermuda College into a four-year
institution in select subject areas to give
Bermudians without the ability to study
abroad more options for college-level
training on island.
We will create ladders of opportunity for
all Bermudians by providing access to
quality education and training that leads
to good-paying jobs.
TONI SPRING
#33, SANDYS SOUTH
GRANT GIBBONS
#22, PAGET EAST
11
Strengthen Critical Government Services
Support for critical Government services is essential in these dif?cult economic
times. Investment and con?dence in our economy will only happen if we are
safe and secure in our homes, we have the education and training to participate
in the economy, and we are healthy enough to pursue opportunities.
The OBA plan to strengthen critical government services will:
• Move immediately to set up Operation
Cease?re in Bermuda, weaning gang mem-
bers from gang life and freeing them up to
become productive citizens.
• Provide the community with security and
peace of mind by giving police the resources
and support they need to combat crime.
• Ensure that FutureCare is ?nancially sus-
tainable so that seniors can continue to
enjoy health coverage for decades to come,
including access to affordable prescription
drugs, doctor’s visits and the high-quality
healthcare they deserve.
• Facilitate and support the expansion of af-
fordable assisted-living programmes for our
increasing senior population.
• Reopen the hospital medical clinic to ensure
access to medical care for the most vulner-
able members of our society, making sure
that all our people get the care they need.
• Provide the Department of Immigration with
the resources they need to protect Bermudi-
an jobs by cracking down on employers who
abuse immigration rules.
• Work with social agencies such as the Salva-
tion Army to provide good quality transition-
al housing and support programmes for the
most vulnerable members of our society.
• Introduce a banking and ?nancial services
ombudsman service through the Depart-
ment of Consumer Affairs to assist families
with mortgage issues.
• Ensure that families who are struggling
?nancially get the child daycare and ?nancial
and housing assistance they need.
5
Ongoing education and retraining
In order to properly prepare younger Ber-
mudians entering the job market, as well as
Bermudians already in the labour force, we will
partner with the business community, unions
and Bermuda College to de?ne the skills and
training required for good-paying jobs in the
professions and trades. An OBA Government
will:
• Create a modern version of the National
Training Board as a Bermuda Technical Edu-
cation and Workforce Development Agency
in conjunction with employers. The agency
will include a National Training Centre as
well as a National Certi?cation and Assess-
ment Centre.
• Provide additional support for GED and job
training programmes for Bermudians who
have not completed their education and
need to upgrade their skills in order to en-
hance their employment opportunities.
12
6
Reduce the Cost of Living
Our high cost of living imposes a tremendous ?nancial burden on
Bermudian families. We will make Bermuda more affordable for them.
The OBA plan to reduce the cost of living will:
• Reduce the cost of electricity by properly
regulating the energy sector.
• Lower energy costs for households, hotels,
businesses and the hospital through the
promotion of combined heat and power
generation (cogeneration) and more
energy-ef?cient building design.
• Reduce the cost of healthcare through
tighter control of Government-?nanced
programmes, including the Bermuda Hospi-
tals Board, which accounts for 40 percent
of all healthcare spending in Bermuda.
• Waive stamp duties for ?rst-time homeown-
ers on properties valued under $1 million.
We will support seniors by ensuring that
FutureCare continues to provide the health
coverage they deserve for decades to come.
We will help Bermudian workers by
granting a two-year payroll tax exemption
to businesses for new Bermudian hires.
LEAH SCOTT
#30, SOUTHAMPTON
EAST CENTRAL
R. WAYNE SCOTT
#27, WARWICK
NORTH CENTRAL
SUZANN ROBERTS-
HOLSHOUSER
#4, ST. GEORGE’S SOUTH
ANTHONY
FRANCIS
#13, DEVONSHIRE
NORTH CENTRAL
13
Getting the economy up and
running on all cylinders will provide
opportunities for Bermudians to earn
good-paying jobs and help create a
secure future for their families.
For families whose main breadwinner
is unemployed, our plans will help
create 2,000 new jobs.
For all Bermudian workers, we will
grant a two-year payroll tax exemption
to local and international businesses
for all new Bermudian hires.
For construction workers, we will
create jobs by attracting new foreign
investment in our tourism sector, and by
reforming the approval process at the
Department of Planning.
For workers in hospitality, we will create
jobs by attracting foreign investors to
partner with us to develop the Hamilton
and St. George’s waterfronts, rejuvenate
tourism by putting professionals in
charge of a Tourism Authority and
aggressively market our unique
characteristics as a destination.
For entrepreneurs and small business
owners, we will create jobs by
reserving $80 million in Government
spending annually for Bermuda’s small
business sector, and by ensuring that
Government’s bills are paid within 30
days, putting money into the hands of
Bermudian small business owners.
For workers in retail, we will create jobs
by attracting more visitors to Bermuda,
and by creating more jobs across the
other sectors of our economy, giving
Bermudians more spending power.
For workers in international business
and related service industries, we
will stimulate job creation by making
Bermuda more welcoming and
attractive to international companies.
For landlords who have lost tenants
during the downturn, some of the new
jobs will be ?lled by guest workers,
so Bermudians will be able to rent
their apartments again, and pay their
mortgages.
For Bermudians working in retail,
hospitality and tourism, those guest
workers will buy cars, bikes, furniture
and more from Bermudian businesses,
and eat and drink in restaurants
Conclusion
Our Jobs and Economic Turnaround Plan will put Bermuda back on the road
to recovery by restoring con?dence, stimulating investment and laying the
foundation for future growth and shared prosperity.
14
employing Bermudians, providing
bene?ts to the retail and hospitality
sectors of our economy. Their friends
from overseas will come for visits,
boosting the tourism sector, and spend
money on the Island, stimulating the
retail and hospitality sectors.
For parents and students, our
comprehensive education plan will
provide enhanced programmes from
pre-school through Bermuda College,
giving young Bermudians the education
and skills they need to earn good-
paying jobs.
For those unable to travel abroad
to study, we will transition Bermuda
College into a four-year institution in
select subject areas to give Bermudians
more options for college-level training
on island, leading to good-paying jobs.
For all Bermudians, we will set up a
Bermuda Technical Education and
Workforce Development Agency
to develop skills that lead to good-
paying jobs, as well as an International
Risk Institute to create new career
opportunities for Bermudians.
For all Bermudians, our plan to
eliminate wasteful Government
spending and reduce the national debt,
will free up money to be spent on
critical Government services such as
the police, education, healthcare and
social support for families that
will bene?t all Bermudians.
For the most vulnerable members
of our society, we will re-open the
hospital medical clinic.
For seniors, we will ensure that
FutureCare is ?nancially sustainable
without increasing Bermuda’s debt
so that seniors can continue to enjoy
the health coverage they deserve for
decades to come.
For all Bermudian families, we will
reduce the tremendous ?nancial burden
by taking concrete steps to reduce the
cost of living.
For all Bermudians, we will ful?ll our
promises while remaining committed to
creating social and economic equity in
Bermuda. We will leave no one behind.
15
294-3264 | [email protected] | www.oba.bm
doc_600759566.pdf