[Opinion column written by Opposition Leader Cole Simons]

At best, cooperation between governments and businesses to create a support platform for economic prosperity can be difficult. Given that these are not the best times, the atmosphere between businesses and governments shows a real compromise. The Prime Minister has dictated to the private sector without assessing the impact of his mission, and is also sloppy in building confidence in business on land and offshore.

For example, in the banking sector, when the Banking and Depositors Amendment Act 2022 was recently introduced into Parliament, the Prime Minister gave Bermuda’s banks a last resort to empower the Bermuda Monetary Authority to impose a code of conduct. How the institution handles deposits.

This surprised bankers as members of the Bermuda Bank Bermuda Association had already considered the issue in question under the guidance of financial services regulators. They also showed that talks with the government, the Bermuda Monetary Authority, were already underway.

When I learned more about this issue with some bank colleagues, I wondered why they weren’t so focused on their response when the Prime Minister gave them an ultimatum. The CEO of a local bank said Cole. Does the Bermuda Bankers Association really want to choose to fight the premiere? You know they can’t win the battle,

Is this the type of friction we want to have in Bermuda and our government with international banking agencies that collectively provide thousands of jobs to our people?

Similarly, this weekend, fuel companies pointed out that wholesale fuel prices have risen “40-43%” this year, and that freezing gas prices in pumps is unsustainable. How can Premier Burt unilaterally make decisions that have a significant financial impact on its business partners?

To make matters worse, the prime minister said the government was bearing the cost of price freezes through tariff cuts. However, this seems to be the case, as fuel importers have confirmed that tariff cuts have not yet taken place, as far as they know. Who misunderstands the general public and our business leaders? Who can you trust? Will Premier’s actions help build the trust needed for offshore financial centers to maintain our good reputation in an economy that is on the verge of recovery? I don’t think so. ..

What about the collapse of the Fairmount Southampton Hotel Development Agreement? In May, the Prime Minister said he would submit a copy of the development agreement to Congress within a few weeks. Two months later, the deal has yet to see the light of day. Can the Prime Minister complete this kind of agreement for the government and the people of Bermuda? If so, what are the obstacles and additional funding hurdles that have not yet been addressed? Again, can you be confident in your premier commitment?

Finally, Premier Bart collects a $ 800,000 three-year loan from Savvy Entertainment’s Anthony Blakely in April 2018 to buy recording equipment to create a music studio in the historic Moresby House. I promised that. More than four years later, Mr. Blakely hasn’t been discovered yet, and Bermuda has bad debts left behind, now worth $ 1 million. People are silent about their money recovery plans.

Making these decisions can give confidence to Bermuda’s local and international business sectors, as well as international partners and clients. Certainly not.

Bermuda needs more from its premiere. It requires a premier with exceptional business insight that is transparent and builds trust between the people of Bermuda and the business partners of her company.

Things have to change if Bermuda is to attract the economic and human capital needed to support Bermuda-too often at stake.

-Cole Simons


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