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Bermuda is too protectionist with policies, warns Richards

Shadow Finance Minister Bob Richards said Bermuda needs to be less unwelcoming to international business as he urged Premier Paula Cox to stop blaming the economic crisis for the Island’s troubles.Mr Richards said Bermuda is too “protectionist” with its policies, telling the House of Assembly: “We have an assumption that we have something that the world wants to take from us and we are not going to let them have it.“What if the world doesn’t want what we have so badly that they don’t want to put up with our protective webs?”He said attracting cash from overseas is the only way Bermuda is going to climb out of debt, and said the protectionist model, in place for five or six decades, is now out of date.Mr Richards was speaking during yesterday’s Motion to Adjourn, in response to comments from Ms Cox earlier in the day about the global economy’s effect on the Island.“There’s no attempt to shoulder any responsibility of those problems ourselves,” he said.“This is a serious problem. You can’t solve problems unless you recognise there are problems. The implication of the statement is that because all our problems are caused by the global recession, we have to wait until the global recession recovers until we get better.”Mr Richards said the cost of doing business in Bermuda is escalating, while the convenience level is going down.Health Minister Zane DeSilva raised a point of order, pointing out Mr Richards had also said rent prices are falling, implying prospective tenants would be “jewing down or asking for lower rents”.Mr DeSilva withdrew that comment at the request of Mr Richards, who said it was offensive to Jews.