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Island's economic direction worries half of voters - poll

Sale signs, as retailers try and tough out harsh economic conditions.

Fifty percent of voters are not confident in the direction Bermuda's economy is heading, according to a poll released this week.While the number of those not confident in the economy increased from 37 percent in October the number of voters expressing confidence also jumped from 14 percent to 35 percent.Premier Paula Cox said the Government's full economic strategy would be laid out in the Budget, which will be delivered February 11.She added: “The Government is engaged in the important work of preserving jobs and income for families at the least cost to the taxpayer.”The Mindmaps poll asked people what they thought the biggest issue facing Bermuda was; 33 percent said the economy and unemployment.Three months ago only 16 percent of people named the economy and unemployment.The only issue that more Bermudians thought was a bigger issue than the economy was crime; 46 percent of people said it was the Island's main concern, compared to 54 percent in October.Chamber of Commerce president Stephen Todd said he thought it was interesting that people aged 18 to 34 were more concerned about the economy than older residents.Thirty-six percent of young Bermudians said the economy was their biggest concern compared to 34 percent of 35 to 44-year-olds and 32 percent of 45 to 54-year olds. Only 24 percent of pensioners said the economy was their main concern.“I was pleasantly surprised to see that younger people shared the same level of concern about the economy,” Mr Todd said. “It clearly demonstrates that they have understood how important it is in our future prosperity.“They recognise that they are the future business leaders, the future movers and shakers. Their ability to be successful will depend upon external factors that they will, for the most part, be responsible for.”He added Bermuda's economy needed foreign currency revenue streams to continue being prosperous and factors such as crime could deter International Businesses and hospitality.He said much is resting on the upcoming Budget, although he did not think there would be any payroll tax increases.The telephone poll of 400 registered voters was conducted between January 10 and January 19 and has a margin of error of 4.9 percent.