The economy will be "reinvigorated" by the "next UBP government" through diversification and "tighter control over spending and borrowing" and reducing the overall tax burden", said Opposition Leader Grant Gibbons.

After 17 pages of scathing criticism of the Progressive Labour Party's performance in in its first term as government, Dr. Gibbons' Budget Reply focused on elements of his party's platform for the coming General Election.

A new Ministry of Tourism and Economic Development, focusing on expanding economic opportunities, will be established, he promised.

"We will apply the most innovative financial thinking, best management and aggressive promotion to enhance Bermuda's competitiveness, to attract investment to Bermuda and provide new business and career opportunities for all Bermudians," Dr. Gibbons said.

"The Department of Economic Development will be dedicated to diversification both within the international business sector and within the broader economy. We will work hand in hand with labour, social organisations and the private sector to ensure that new development matches our resources and that the benefits of development are widely distributed in our community."

The new Ministry will also contain an Office of Economic Empowerment to give "hands-up assistance to Bermudian entrepreneurs through training programmes on how to bid for government contracts, the "creation of economic enterprise zones, particularly in North Hamilton" and mediating contacts between "angel investors" and start-up businesses in need of capital.

The Office will also develop a policy for outsourcing more Government work to small businesses, including those demonstrating competency but without previous government experience," said Dr. Gibbons, and the role of the Small Business Development Corporation will be expanded.

The UBP will also have a "balanced approach" to international business. "Consistent and visible support" will be provided to the sector and a "sustainability study" first started in 1998, will be continued.

The party plans "depoliticise" tourism with a new Tourism Authority, to be funded by government and the private sector, led by experts in the industry.

The Authority will come up with a short term survival plan as well as a long term growth plan.

Dr. Gibbons outlined measures to combat crime, including "tough action" against criminals.

"We will strike a better balance between punishment and rehabilitation, and we will give our Police and prosecutors the manpower, tools and financial resources they need to bring criminals to justice," he said. "Reform of the criminal justice system is essential, and changes must be made in the Police Service, the Attorney General's chambers, the judicial system and the prisons."