Bean urges PLP to encourage entrepreneurs
Former Progressive Labour Party leader Marc Bean has urged the Government to encourage entrepreneurs through tax cuts and less red tape.
Mr Bean also called for the Government to lower its spending through a reduction in the size of the Civil Service.
He was speaking in an interview with Jamel Hardtman on The Full 100 online radio station on Monday, where he gave the PLP a C- grade for its performance since its return to power last year.
Mr Bean said: “What I would like to see of the Government, regardless of the grade I gave them and some behaviour that I don’t like, is a pro-growth and pro-economic growth agenda.
“The three policies that we have to move towards are that we need to reduce government spending, we need to reduce taxation, and we need to reduce regulations.”
The Royal Gazette reported yesterday that Mr Bean claimed his former party was “mimicking the behaviour of the oppressor” by operating in the manner of the Opposition One Bermuda Alliance.
He asked both political parties to “shift from their traditional mindsets to create the environment that’s conducive to entrepreneurship”.
Mr Bean said: “We need to reduce the size of government because we need to reduce the dependency of our people on something outside of ourselves.
“So, by having a pro-growth environment, reducing spending, reducing taxation, and reducing regulations, you’re encouraging black people in particular, but Bermudians as a whole, to venture out into the private sector.”
Mr Bean, who retired from politics after a stroke in 2016, said the development of fintech “has the potential to be revolutionary”.
He encouraged Bermudians to pursue “club-ins” which he said was “a grassroots means of economic development”.
He added a relaxation of regulations would “encourage and remove the rules and barriers to allow our people to use their creative juices so they can create work for themselves and others”.
Mr Bean said a cut in the size of the Civil Service would also help boost the economy.
He added: “It’s a win-win, because not only are you reducing the size of government, you’re ensuring that civil servants still have an opportunity to create wealth and raise their standard of living and pass something on as inheritance to their children.”