Finance Minister Paula Cox said last night there was "nothing unique" about the heavy criticisms of this year's Budget.

And she will "rely on the residual goodwill" within the business community, adding there "is enough trust and goodwill that, despite the ire, common sense will prevail".

But she added that next year's Budget could see a "rebalancing".

Mrs. Cox spoke out after she was asked to comment on the latest denunciation of the national Budget, this time by the Bermuda Employer's Council. The 2010/2011 Budget, delivered two weeks ago, was $1.2 billion, up $100 million from last year. In it taxes on payroll and purchasing foreign currency rose.

Yesterday, Martin Law, the executive director of the Bermuda Employer's Council, slammed the Government for overspending while businesses are required to foot the bill. And he said the increased taxes would lead to jobs being cut and businesses closing.

Over the last two weeks the Chamber of Commerce, Association of Bermuda International Companies and Association Bermuda's Insurers and Reinsures have all strongly spoken out against the tax increases warning they would result in Bermudians losing their jobs.

Yesterday, Mr. Law said: "Cost overruns on capital projects, Government travel costs, the cost of external consultants and the constant addition of public sector jobs are all areas where direct action by Government could have reduced the need to raise taxes.

"They appear to have received scant consideration. Where the rest of Bermuda's employers are having to do more with less, Government seems determined not to follow suit.

"Increasing taxes without cutting spending in these challenging economic times is a self defeating, downward spiral."

And he said doubling the foreign currency purchase tax would further hinder businesses. This week the House of Assembly agreed to increase the tax from 0.5 percent to one percent.

He noted that almost everything in Bermuda is imported, adding: "So whether it is fuel oil for power generation, food for the supermarkets, clothing for retailers, building supplies for construction — it will now cost more.

"Some of this will inevitably be passed on to the consumer but some operations will not be able to do this easily and will have to absorb the cost.

"These additional costs become a threat to the continued existence of businesses and consequent job losses."

But last night Finance Minster Paula Cox said Government welcomes the community's views on the "tough but fair" Budget.

She said that the travel budget is $6 million or 0.6 per cent of the overall current programme budget.

"Bermuda competes in a complex and sophisticated global arena and travel is a necessary component of conducting Government business.

"Similarly, if Bermuda's successes are to be sustained then it is important to have the benefit of expertise that is not available in our small indigenous population."

The budget for overseas consultants is about $27 million in 2010-2011 or some 2.7 per cent of the operational Budget, she said.

And on the wider subject of vocal concerns about the Budget, she said: "To date I cannot recall any PLP Budget or Budget Reply that was not criticised by the business sector. It is usually a coordinated response from various sectors so it is nothing unique this year.

"Also, just like Auditors General can be equal opportunity critics of whomever is the Government in power, so too is business. The more things change the more they stay the same."

She noted that in 1995 businesses told the United Bermuda Party, which was the Government at the time, it should reduce its spending instead of increasing taxes.

She added: "I have to look at the macro level and rely on the residual goodwill which still exists, notwithstanding the noise and angst, and know that the people and business know from my track record and their prior experience that I do not act in an arbitrary, capricious and ill-considered manner.

"If anything, I have sought to shield Bermuda's taxpayers from harsh tax increases over the years. So even if the people and businesses would have preferred a different outcome there is enough trust and goodwill that despite the ire common sense will prevail and the crucial conversations will continue as always."

She added that everyone was in Bermuda for the long haul and the payroll tax increase was an equal opportunity one.

"The best policies are also those where everyone shoulders the burden and there is a levelling of the playing field," she said.

"The tax increases were necessary and the burden was shared across the community for the long term benefit of all stakeholders."

"I would anticipate that next year in the National Budget we can have more of a rebalancing."