Chamber of Commerce "power breakfast'' at the Fairmont Hamilton Princess.

The business community got up early to question Mr. Cox on the need for increasing the Island's debt load, new high speed ferries and the size of the public service.

"There aren't many countries in the world where the business community is invited to direct questions to the Minister of Finance on the first business day after the budget every year,'' said Chamber of Commerce president Cris Valdes Dapena.

"And his coming here shows an unusual degree of fortitude or even courage.'' Mr. Cox took chamber members through a presentation of highlights of the 2001/02 Budget he presented to the Legislature on Friday.

The budget lays out the $620 million the Government plans to spend this year, operating on a roughly $55 million deficit.

Mr. Cox said that the Government strove with this budget to address social issues for the long-term betterment of the country.

"The training and infrastructure we're building certainly has to be seen as positive rather than something to be put down,'' he said.

And he said, while the economy is growing more slowly, there is still growth and he expects it will keep growing.

Mr. Cox fielded two questions on the cost and necessity of the new high speed ferries, pointing out that the Government is encouraging people to make the switch to public transport but to do so, they must provide an efficient service.

"Now to make an 8.30 a.m. meeting in Hamilton, you have to get up at 5 a.m.,'' he said of the commute faced by `Westenders' in heavy traffic. One of the main concessions that the chamber asked for this year -- lowering the payroll cap on reporting salaries -- was included in the budget as the cap was dropped from $250,000 to $225,000.

And although Friday Chamber of Commerce international companies chairman David Ezekiel expressed his "disappointment'' with the size of the reduction, no questions were directed to the Minister on this matter.

In response to a question on whether increased Government spending meant an increase in the size of Government, Mr. Cox said the Government will employ people where they are needed as much need has been un-met over the years.

"We're talking about a smaller Cabinet and with the Constitutional changes the Government will have fewer members of parliament. With regards to people in our Civil Service, obviously at this point in time we found the need (to staff) in order to get things done -- and Statistics, Police, Prisons are included there.

Finance Minister defends Budget "These need to be done at this point in time because a lot of things got shoved aside and weren't done before,'' he said. "We're not trying to grow Government. We don't think big is best, we're just trying to get the job done.'' Similarly, Mr. Cox distanced the PLP methods from those of its predecessors when asked by Chamber of Commerce president Cris Valdes Dapena why Government would extend the Island's debt load by borrowing an additional $50 million this year, when just 11 years ago there was no debt.

Mr. Cox had referred to the desire to phase zero-budgeting into Government departments in coming years earlier in the presentation but appeared flustered by the final question. He said he believed Ms Dapena was referring to when Sir David Gibbons was Premier and a Government surplus was used to pay off the Island's debt. To do so, half the projects that should have been done were not he said.

"It doesn't make sense to take the surplus and pay off the debt when so many issues need to be addressed,'' Mr. Cox said. "Yes, we will do things differently, that's what we're attempting to do.''