Business Community: Budget Hits the Mark
Government leaders today welcomed the resounding support of the 2009/2010 Budget from Bermuda’s key business organizations including the Association of Bermuda International Companies, the Bermuda Employers Council, the Bermuda International Business Association and the Chamber of Commerce.
Spokespersons for each of the organizations have commented favourably on the budget in their comments to local media. Minister of Finance Paula Cox will continue to ensure that businesses are informed on all aspects of the 2009/2010 Budget when she addresses members of the Chamber of Commerce tomorrow morning.
Meanwhile, Premier Dr. Ewart Brown said this evening: “Our new budget proves we can address the needs of a complex and thriving business community during an economic downturn, while also continuing our tradition of strong social programmes that provide the compassionate assistance Bermudians deserve from their Government.
“The 2009/2010 Budget required courage, creativity and compassion and I think the Government delivered on all three cylinders. You can expect us to take that message to the country in the coming days.”
In a statement to the House of Assembly Friday Minister Cox outlined the mainstays of the upcoming Budget which include: launching FutureCare, strengthening the Government’s commitment to social programs like day care, creating allowances for unemployment assistance, announcing measures to stimulate the housing market particularly among first-time home buyers and holding the line on taxes for businesses and households.
She also announced plans to raise the debt ceiling which provides the “cushion” the country may need if there is systemic risk to the local economy in the upcoming fiscal year.
“What we’ve done is prepare for economic possibilities while intensifying the social programs that are increasingly more important to the community,” Minister Cox said. “We are experiencing a global financial storm not seen since the 1930’s. And weathering the storm not only requires tenderness in tough times, but also tenacity. Once the relevant legislation is passed, we will be properly prepared to act decisively to further protect the country’s economy should it be necessary.”
