With a forecast for government revenue to surpass $2 billion, it was no surprise that the Budget was a bit of a sweetheart budget – or more to the point, a great big giveaway budget.
It hit all the right spots – putting money into people’s pockets, addressing cost of living issues, pleasing workers and businesses and putting in fiscal guidelines for the use of corporate income tax revenue to pay off debt over the next three years.
David Burt, the minister of finance and Premier, also committed to paying off more than $600 million in debt, freeing up $25 million in interest payments.
In what was a 2-hour budget speech, Mr Burt outlined a raft of investments – roads, the hospital, health care, infrastructure like Tynes Bay and housing, which, in per centage terms, got one of the largest budget increases, some 42 per cent.
But is there a fly in the ointment? It was a short mention, three paragraphs in a nearly 60 page speech: labour reform and the relaxation of protected job categories.
One short line acknowledged the danger of wage inflation – but there is also the issue of supply. If there is little to no labour supply (because everyone is working) it could also stymy projects.
Next week the One Bermuda Alliance will deliver its Budget reply – what will they find to criticize?
https://youtu.be/NQDzn4zGsvw?si=Jkgi-cVSqIKjbmUS