Bermuda's economic success story under the Progressive Labour Party would have the voters signing up for more, predicted party leaders yesterday.

The Opposition had failed to campaign on the economy because it was in good hands said Works and Engineering Minister Alex Scott.

Finance Minister Eugene Cox said he was proud to list the achievements of the PLP's first term including top level ratings from international finance experts Moody's Investor Service and Standard and Poor's.

Other achievements he listed include:

•Real Gross Domestic Product (GDP) had grown by more than seven percent over the period

•Household income had gone above $71,000 for more than half of families

•Fewer elderly households were in the lowest income bracket

•More than 2,400 jobs had been created

•More than 450 local companies had started

•More than 2,400 new international companies had established a presence

•Inflation had moderated at around 2.5 to 3 percent

He said Bermuda's economy grew in the last five years despite the US recession and the devastating effects of September 11. Mr. Cox said his government had reduced unauthorised spending to $1 million compared with $21 million in the last fiscal year of the UBP.

Zero-based budgeting in which departments had to start from scratch each year rather than building on the previous budget had brought rigorous accountability and would be spread to cover 70 percent of current expenditure said Mr. Cox.

He said debt had fallen from the $146.7 million the PLP inherited. Former finance ministry principal budget officer and current PLP candidate Delaey Robinson said it was a myth to say Government spending had burgeoned under the PLP.

Instead the percentage of Gross Domestic Product (GDP) spent by Government had shown the PLP at the lower end and the UBP at the higher end, said Mr. Robinson.

"You have to go back a good dozen years or more before you find the equivalent percentage spending of Government's contribution to GDP in the UBP years. In other words the PLP Government has brought spending levels down."

He said the Opposition's slur that the PLP had been about 'tax and spend' had not been borne out by the figures. "When you look on the year on year increases in taxes and the year on year increases in spending - the UBP record over the equivalent five year period prior to us coming to office, their taxation increases were higher, their increases in spending were higher," said Mr. Robinson.

"There is just no way that people can not look at their pockets and say 'By gum, I think I better vote for the incumbent Government because they have really done the best by me'."

Asked whether those unable to afford to buy homes and those struggling to pay high rents would feel so enthusiastic Mr. Robinson said: "People are buying houses. Granted it's a sellers' market. And houses are being produced."

He said the PLP had short changed itself by not trumpeting its housing achievements.

The housing crunch was a combination of executives taking accommodation and the UBP selling off Government housing stock, said Mr Robinson.

"Now we have to go back and replace that stock."

Asked if the working class might feel neglected Mr. Robinson said five years was a short period of time and policies took time to yield results while the best was yet to come.

He added: "The period of low inflation is unprecedented. Bermuda has never enjoyed such a long period of low inflation since before the 1950s."