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MP calls for more support from Government for local businesses

UBP financial spokesman Charlie Swan

Government must do more to support Bermuda’s businesses in order to build the economy and tackle rising debt, according to the United Bermuda Party.UBP financial spokesman Charlie Swan said yesterday that international businesses leaving the Island has cost the government tax income, which in turn has sent the Government further into debt.“Poor government decisions and inaction have had an adverse impact, but the end result is that the contraction of business in Bermuda and reduced confidence within the private sector has caused less taxes to be generated to cover the Progressive Labour Party Government’s spending habits,” Mr Swan said.“When the government starts to operate by functioning within its needs it will become a role model for its own people.“And for our own local businesses, the businesses that government depends on for much of its revenue, a recognition of their needs must be forthcoming.“Payroll tax and social security revenues have unquestionably decreased as international and local companies have either closed, relocated or reduced staff. Government must be mindful of this, and avoid initiating — or overly enforcing — policies that will adversely impact on the operation of businesses, both international and local.”Mr Swan said that Government should foster an appreciation in the community for international businesses while supporting local businesses, fostering a public appreciation for successful private industry.He said the public need to understand that in order for the economy to grow, foreign workers are needed, and that Bermudians should dedicate themselves to being the best they can be in the work force.“With a static population growth, a growing economy will need to import labour,” Mr Swan said. “Our local workforce must strive to be the best at the ‘most desired higher paying jobs’ they take on and seek. However, we can not afford to ignore the ‘less desired’ jobs — and the need for these to be filled with the same zeal.“When you aim to be the best, it is difficult for an employer to deny you. This island was built by Bermudians, Bermudians who where industrious — both physically and mentally.“We built houses and infrastructure, we built an economy based on tourism first and participated and benefited from the growth in international business.“It is important for all Bermudians to appreciate that our local economy can not grow and be prosperous for all by simply catering only to Bermudians — we as a people must continue to be hard working and industrious — as we compete against the rest of the world in Tourism and international business.”The party also called on Government to follow the advice of the Bermuda First Report and the Tourism Board by creating an independent tourism authority.“Our two economic engines — tourism and international business — can and must be managed in a way that recognises and appreciates why businesses are started, and deemed to be going concerns,” Mr Swan said.“Private industry is more nimble than governments and are more apt and motivated by profits to recognise shortcomings and quickly respond to periods of bad performance for the benefit of their owners, employees and by extension the wider community.“That should be respected, especially by our poorly performing government, and also by members of the community who are impacted by government financial management.“We, the UBP, like everyone in Bermuda would like to see the backside of this treacherous recession but the real indicators of that are within the private sector business.“Hence, we reiterate that it will take successful private sector businesses to lead Bermuda out of the recession.”