New Premier Paula Cox has pledged to make savings of at least $150 million in her first year by better financial discipline in Government.

Ms Cox announced a series of tough measures to restore public confidence and reduce tax anxiety when she spoke to Progressive Labour Party members at Thursday night's election.

"Under Cox leadership, the PLP Government will restrain growth in spending by spreading disciplined and effective financial management across all Ministries and Departments to achieve savings of at least $150 million in the first year," she said in a document presented to delegates.

Government's spending record came under fire during the Ewart Brown administration — while Ms Cox was Finance Minister — as debt climbed from $240 million to more than $1 billion including the Butterfield Bank guarantee, with increasing overspends every fiscal year.

But on her elevation to Premier, Ms Cox has vowed to save cash by reorganising Ministries to make them more cohesive, and cut down on cost overruns.

At her swearing-in ceremony at Government House yesterday, Ms Cox revealed she had presented delegates with a five-point plan to improve finances.

As well as better discipline and more effective management, Ms Cox said from the 2011/12 Budget she would:

¦ undertake a comprehensive evaluation of all existing programmes and initiatives to find extra savings and improve service delivery in later years;

¦ become "tax neutral" for the most part — "though this does not exclude realistic options for new revenue sources";

¦ rigorously prune capital projects to only the necessary, stepping up controls to ensure value for money;

¦ keep taxpayers updated annually with progress on public debt management and reduction.

Ms Cox was cheered by a large crowd of supporting MPs, civil servants, family and friends during the ceremony at around noon yesterday.

She spoke of her long service to the PLP and dismissed suggestions she was receiving a "coronation" simply because of the legacy of her father, the late Finance Minister Eugene Cox.

Referring to her convincing victory at Devonshire Recreation Club, she said: "I have no doubt that that was not done as a kneejerk reaction. Many of them weren't even old enough to know my father.

"They voted for Paula Cox, not withstanding all the drivel that's been written about me."

Of her father, she said: "I think the legacy of my father is one that I'm proud of and one I will never walk away from."

But she added: "I have been working in serious and important and significant Ministries. I have not shirked at the difficult issues."

She said she had shown testicular fortitude and not been afraid to take difficult decisions, such as over term limits in her Labour Ministry days.