A raft of finance laws and regulations were rubber-stamped in the Senate on Monday night — but not without some objection.

The United Bermuda Party voted against two bills presented by Attorney General Kim Wilson — one allowing Government to increase its statutory debt ceiling to $1.25 billion and the other to raise payroll tax rates.

Independent senator Walwyn Hughes joined the Opposition in voting against the latter.

The votes were recorded as a formality since senators have no power to throw out money bills already passed in the House of Assembly.

Junior Finance Minister Sen. Wilson told the Upper Chamber that the first bill, the Government Loans Amendment Act 2010, was necessary to maintain public services.

She said the debt was manageable and sustainable for the government of a small country like Bermuda — and should not be likened to a household using a credit card to pay its bills as it was not comparing like with like.

Opposition senator Jeanne Atherden questioned why public borrowing had to go up by so much and raised concerns about making the country's debt more than ten percent of its gross domestic product (GDP).

Sen. Hughes said: "I'd be much happier if I saw some sort of way of paying it back."

Government senator Walton Brown said the ten percent of GDP rule on borrowing was not "sacrosanct". "There is nothing inherently rational about having the limit at ten percent," he said.

"When a government has to consider what it needs to properly govern it can make adjustments it needs to make."

Opposition Senate leader Michael Dunkley said the increased borrowing was of "grave concern". "I don't support the changing of the goalposts," he said. "The PLP made a great deal about ten percent. I think there needs to be more explanation about why the changes."

Government senator Thaao Dill said: "Circumstances change. Numbers change. I think that's reasonable and understandable."

UBP senators Dunkley, Atherden and Suzann Roberts Holshouser voted against the bill. Those in favour were Government senators Wilson, Dill, Brown and David Burch and independent senators Hughes, Joan Dillas-Wright and Carol Ann Bassett. PLP senator Marc Bean was absent.

The vote for the Payroll Tax Rates Amendment Act 2010 was as above, apart from the vote against from Sen. Hughes.

That bill allows for a payroll tax rise from 14 percent to 16 percent. Sen. Dunkley said the increase was not the right move at this time.

"Clearly, it's going to have a negative impact on our economy," he argued. "Employees will see their wages being reduced as the year goes on."

Sen. Brown suggested the increase was not likely to be a significant amount for most but Sen. Roberts Holshouser disagreed. "Individuals will suffer the consequences of companies that will not absorb the two percent [points]," she said.

Fourteen pieces of legislation in total were approved on Monday, the majority connected with this year's Budget.

The others were:

• The Payroll Tax Amendment Act 2010, which increases the salary cap for payroll tax from $350,000 to $750,000.

• The Insurance Amendment Act 2010, which will mean insurance accounts can be obtained retroactively and the related Insurance Accounts Amendment Regulations 2010.

• The Customs Department Amendment Act 2010, which tightens up customs regulations ahead of the introduction of container scanning technology at Hamilton dock.

• The Government Loans (Suspension of Annual Contribution to Sinking Fund) Order 2010, which allows Government to resume payments into its sinking fund

• The Payroll Tax (Taxi Services Special Exemption) Act 2010, which gives tax breaks to cabbies.

• The Land Tax Amendment Act 2010, which raises land tax at the high end of the market property.

• The Foreign Currency Purchase Tax Amendment Act 2010, which doubles the foreign currency purchase tax from 0.5 percent to one percent.

• The Stamp Duties Amendment Act 2010, which creates a new top band rate of stamp duty payable on a deceased person's estate.

• The National Pensions Scheme (Occupational Pensions) Amendment Act 2010, which allows Bermudians suffering hardship to dip into their private pension funds.

• The Government Fees Amendment Regulations 2010, which increases the fees for various public services by three percent.