The Government got high marks from the Bermuda Public Services Union for the latest Budget’s moves f – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

BPSU gives Budget top marks

Armell Thomas, president of the Bermuda Public Services Union (File photograph)

The Government got high marks from the Bermuda Public Services Union for the latest Budget’s moves for cutting public debt

The BPSU president, Armell Thomas, singled out the 2021-22 Budget plans for lowering the island’s deficit from $245 million to $125 million while restoring full pay for the civil service after a year of austerity.

Mr Thomas said the deficit cut “starts the journey to a balanced budget”.

He added: “It is particularly good to see that the 2020-21 deficit is forecast at $245 million, down from the prior estimate of $294 million.”

The Budget strikes an “appropriate balance” between economic recovery and getting to a balanced budget by fiscal year 2023-24.

The Budget was delivered on Friday by Curtis Dickinson, the finance minister.

Mr Thomas commended the contribution from the BPSU along with the Bermuda Industrial Union, Bermuda Union of Teachers and the Bermuda Police Association.

The BPSU welcomed austerity measures not continuing after July 31.

The island’s economy fell 9 per cent over last year, making a projected 3.5 per cent rise in gross domestic product for the year ahead “seem reasonable”, he said.

He highlighted that Government revenues were predicted to get “a modest increase” of $50 million to $1,048 million.

Mr Thomas said: “It is very encouraging that the deficit in the proposed budget can be comfortably supported from resources in the Government’s Sinking Fund thereby eliminating the need to borrow any additional funds.”

Mr Dickinson predicted on Friday that Bermuda could return to a balanced budget in the 2023-24 fiscal year, averting further borrowing.

Mr Thomas said: “Under this plan, gross debt has peaked at the current level of $3.35 billion.

“Debt reduction could begin within three years which is critical for our country.”

Avoiding a downgrade of the island’s debt would be “essential”.

The BPSU recognised Mr Dickinson’s “pragmatic approach”, Mr Thomas said, with unemployment relief balanced with economic recovery and financial reforms.

He said it was “promising if ministries stick to their budgets” and supported the Government’s immigration and tourism plans to draw companies, people and new tourism initiatives.

You must be registered or signed-in to post comment or to vote.

Published March 02, 2021 at 9:01 am (Updated March 02, 2021 at 9:01 am)

BPSU gives Budget top marks

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon