Premier Paula Cox today took the unprecedented step of issuing a pre-Budget statement on the Progressive Labour Party website.An introduction to the statement said that “t5oday, Premier Paula Cox will introduce the budget. She notes that this Bermuda budget is responding to "unprecedented challenges" and she reminds us that there is no "silver bullet" that will solve all our problems. In the end, she notes that this "creative" budget is "about leadership."The statement itself says:“The National Budget 2011-2012 has a different feel.This is a particularly significant budget both for the Island and for me personally.As Premier, I was able to have the final say on what I considered were the non negotiable elements of our financial plan. This is not the time for faint-hearted leadership. We are not responsible for the recession and the financial crisis but we are most certainly responsible for how we respond to them.The corrosive effects of the recession spread to every industry and segment of the economy. So it undercut the capacity of most firms in virtually every industry to offer jobs and generate income.As the recession spread through our economy the rate of increase in employment income declined and eventually turned negative.The recession also negatively impacted the finances of the Bermuda Government. This is especially true with respect to the level and composition of revenue.The mainsprings that underpin Bermuda's economy(International Business and Tourism) have been weakened.We are facing sluggish growth in revenue and upward pressures on expenditure.So the table is set. There are some unprecedented challenges.For Bermuda, it is critical that we prepare our economy for what we expect will be the start of a recovery in 2012. With that in mind, it is important to remember just what this budget is aiming to achieve. There is no silver bullet, no quick fix available.The National Budget will adjust some of the key elements of the economy with the goal of putting us on the road to recovery and in such a position that we are able to respond to the growth opportunities that we expect to see in a year's time. What we do not intend to do is allow the economy to deteriorate to the point where it is unable to respond when the time comes.The programme that I will outline will include different features that include structural transformation of the way we will approach public sector financial planning. The National Budget will signal a clear commitment to repositioning the economy to grasp the opportunities of tomorrow.The thrust of the Budget will also reflect a willingness to have the courage to take the difficult decisions and accept accountability for the results.The budget is all about leadership.”