Here is something which the largest Cabinet in Barbados had the opportunity to do and which now gives an opportunity to the Opposition: a new BLP government will cut emoluments to ministers and parliamentary secretaries by 15% in the first 3 years of gaining office.

The new Cabinet in the Bermuda will take a 10 per cent pay cut. This example we feel is apt given how some political hacks on BU like to refer to what is happening in Bermuda.

http://www.royalgazette.com/article/20121220/NEWS01/712209875

@ac

The statement you made without any comparative analysis is like spitting in the wind. Why should government ministers/government not consider a 10-30% cut when people are losing their damn jobs?

Full time Cabinet Ministers in Bermuda receive between $142,000 and $168,000 and the Prime Minister $224,094 . This is of course before any pay cuts and presumably in Bermuda Dollars.

http://www.royalgazette.com/article/20110222/NEWS09/702229951

@david
Don’t worry with ac. Symbolism and principle aren’t in her dictionary!

Such a move would instantly gain a 1- 2 hundred swing votes. Hope somebody reading 🙂

Adrian Loveridge why dont you go back to England and help up there, your countrymen are struggling.

But I guess it is better for you to try to be a big fish in a little pond than to be a little fish in a big pond!

An article I read recently.

YOUR PEOPLE NEED YOU

ARIAN LOVERIDGE
Bank of England Cuts UK Growth Outlook, And Sees Tough Times Ahead

Scott Hamilton, Bloomberg|Nov. 14, 2012, 6:25 AM|573|3

Nov. 14 (Bloomberg) — The Bank of England said the U.K. economy may shrink in the current quarter as it cut its outlook and said growth may be “weaker for longer” due to a bigger impact from the financial crisis.

“The weaker gross domestic product profile reflects the judgment that the broader causes and repercussions of the financial crisis may bear down more forcefully on demand and productivity than assumed” previously, the central bank said in its quarterly Inflation Report published in London today. “There seems a greater risk that the U.K. economy may be in a period of persistent low growth.”

The Monetary Policy Committee halted expansion of its bond- purchase program last week after some officials raised doubts about the effectiveness of the program and others highlighted inflation risks. A day later, the central bank said it will transfer income from gilts it holds under that program to the Treasury in a move that Governor Mervyn King equates to an easing of monetary conditions.

Read more: http://www.businessinsider.com/bank-of-england-cuts-uk-growth-outlook-and-sees-tough-times-ahead-2012-11#ixzz2FnSr0xdG

ADRIAN LOVERIDGE

How is the Tourism industry doing these days in England?

I guess they can do without your”expertise”, only us “stupid peasants” down here need your advice.

@Adrian

There is good reason, Bermuda is a colony which has to operate under weight of UK laws. Barbados and many others have been handed Independence because we have convinced ourselves we can do better. The ball is in our court.

DAVID

So what you and ADRIAN are saying is that it better for us Black Peasants to be ruled by England.

You would prefer us to return to the slave masters.

Here is the dreaded Moody’s Report:

New York, December 20, 2012 — Moody’s Investors Service has downgraded the Government of Barbados’ foreign and local currency bond ratings to

Ba1 from Baa3. The outlook remains negative. Today’s rating action was driven by two key factors:

1) The country’s continuing lackluster economic performance

2) ongoing deterioration in the government’s debt metrics.

Barbados’s economy grew by just 0.6% in 2011 and 0.2% in the first nine months of 2012, well below expectations. Over the past ten years, Barbados has grown at a compound average annual rate of just 1.2%, among the slowest rates for countries rated by Moody’s. While tourism arrivals rebounded strongly in 2011, returning to 2008 levels (and just 1% shy of their 2007 peak), this was driven in part by heavy discounting and tourism expenditures continued to decline to just 80% of 2007 levels.

Furthermore, arrivals have started to decline again in 2012, falling 5% in the first ten months of the year. Unemployment now exceeds 12%.

Moody’s believes that the country’s growth prospects remain very limited due to its deteriorating competitiveness and declining productivity coupled with heavy dependence on tourism, particularly from the United Kingdom and the United States. Given the prospects for continued low economic growth in those countries, discretionary spending on travel is likely to remain subdued. In addition, Barbados’ off-shore business sector, its second most important industry, also faces greater competition and is coming under increasing pressure from changes in tax laws in the U.S., Canada, and the U.K.

In response to the country’s poor economic performance, the government loosened its fiscal consolidation targets last November, pushing back the deadline for achieving a balanced budget by two years to the fiscal year ending March 31 2017. While the fiscal deficit of 4.7% was smaller than expected for the fiscal year ending March 31, 2012, it remained quite large and it widened in the first six months of the current fiscal year to 5.9% (annualized). Debt/GDP equaled 80% as of March 31 this year (net of holdings of government paper by Barbados’ National Insurance Scheme totaling an additional 30% of GDP), a ratio generally reached only by much wealthier countries with considerably larger economies, and it is projected to reach 83% by next March, up from 56% in 2009. Interest expense now consumes more than 20% of the government’s revenues, significantly limiting its budgetary flexibility.

As a result, the government strategy of gradual fiscal consolidation relies upon optimistic growth forecasts, very tight control over expenditures that will be difficult to achieve, and continued high inflation — which does not bode well for the country’s competitiveness.

While the worst appears to be behind Barbados both in terms of fiscal deficits and economic deterioration, Moody’s anticipates that the government’s deficits will remain large for the next few years and its debt levels will continue to rise, albeit at a slowing pace. Even if the country is able to consolidate its finances and stabilize its debt metrics, they are unlikely to improve meaningfully for the foreseeable future given its poor economic prospects. Consequently, Barbados will have considerably less flexibility to respond to economic shocks in the future than it did in the past, particularly given its fixed exchange rate which significantly constrains the government’s capacity to pursue a counter-cyclical monetary policy.

Notwithstanding today’s rating action, Barbados continues to demonstrate certain key strengths that support its rating at the Ba1 level. It has one of the highest levels of GDP/capita relative to Ba peers and it continues to benefit from a strong reputation as a tourist destination.

It also boasts strong public institutions and a stable political system supported by significant policy consensus. In addition, the government’s debt structure is characterized by a well-termed out maturity profile and a high proportion of domestic currency debt – the government benefits from a dependable local creditor base. This limits refinancing and market access risk, though the capacity of the domestic market to absorb additional issuance is limited in our view. Finally, the banking system remains sound thanks in large part to the strong presence of Canadian-owned banks.

Moody’s has also revised Barbados’ local currency bond and deposit ceilings to Baa1, its long-term foreign currency bond and deposit ceilings to Baa2 and Ba2 respectively, and its short-term foreign currency deposit ceiling to NP.

The negative outlook considers that economic performance is likely to remain weak; that it will be progressively more difficult for the government to consolidate its finances given an increasingly rigid budget structure; and that debt metrics will continue to rise and financial flexibility to decline as a result. While access to a stable source of funding reduces roll-over risk, it does not ensure debt sustainability and it therefore remains crucial that the sovereign bring down its debt ratios in order to preserve creditworthiness. However, the government faces difficult choices in terms of stewardship of the economy: in the absence of significant corrective measures, debt metrics will continue to rise, and if the government does take such measures, it risks putting the economy back into recession. On the other hand, many of the proposals to boost economic growth carry the risk of continued deterioration of the government’s financial position, at least in the near term. The outlook also reflects rising pressure on the country’s foreign currency reserves, which continue to decline despite a reduction in the current account deficit, though Moody’s believes they remain adequate for the time being.

The rating will face further downward pressure unless the government is able to successfully navigate the current situation such that a clearly visible and easily achievable path to stabilizing debt metrics is established within the next 12-18 months, in which case the outlook could be revised to stable. The rating could also be downgraded if pressures on the currency peg mount significantly.

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So you want to hear this everyday CHILLING

BLP = 29 SEATS
DLP = 0 SEATS
INDEPENDENT= 1 SEAT

WOULD I have to come here everyday and repeat the above ?

YOU think I aint got nothing else to do ??

JUST ASKING
The BLP DONT PAY ME , neither am I a member of any party. I am going to join one soon though ! Maybe the DLP and wrest the leadership from the laid-back –

PS –wanna hear something else
The DLP WILL SOON IMPLODE
The Eager 11 plus 1 are at a again !

(that 1 could be yours truly)

If only: How the PLP narrowly lost election

Don Burgess
Deputy Editor

TUESDAY, DEC. 18: A fistful of votes could have turned this election.

While the PLP are pointing to the economy as the deciding factor in them losing this election, if they could have persuaded nine people in two constituencies to have changed their minds and voted the other way, they would still be in power today.

Nandi Davis (OBA) beat Renee Anderson-Ming by just four votes in St George’s West and Wayne Scott beat David Burch by just 10 votes.

WOW, DAVID AND ADRIAN

It would appear that not only Barbados facing tough times.

That can not be very comfortable reading for the both of you.

@david
I wait with bated breath to see if and where the doctors can spin any semblance of reasonably good news in this report.

There is nothing to spin.

All the rating agencies are showing is the fact that the World’s economy is in a tail spin.

The last time I checked Barbados was a part of the World’s economy.

If only SEETHRU had left MIA alone, then the Barbados Labour Party would have been in with a chance.

Blpites, Wick-ham and David BU erupt in celebration whenever the rating agencies give Barbados a negative outlook. Question to voters do we want these type of anti Barbados traitors running our blessed island? We must say an emphatic NO to the BLP.

@ac and carson
“We will reduce cost of living”
“We expect 1% growth”
“The economy is stable (or was it stagnant)”
“The MTFS is working as expected”
“Hold strain and let us keep on the path chosen”
“Zero public sector layoffs”
“Prudent management of expenditure”
“Foreign reserves are holding”
“We expect a robust winter season and growth in tourism”
“Barack will be paid”
“A CLICO resolution is coming soon”
“We will review the VAT rate”

Now, if we are part of the “world economy” and the “turmoil” affects us as you two say , then all of the above statements are pure hogwash at best, outright lies and fanciful wishes at worst.

Nuff said.

Just observing

@ac

You have deliberately ignored the questions observing posed to you. If one uses your argument then the utterances of the MoF et al in government is all hogwash. Some have asked the government to level with the people. Tell us what is happening with CLICO, BARRACK, FOUR SEASONS, NIS SCHEME and many other issues of concern to Bajans. Instead we have to beg our government to tell us taxpayers what is happening. Not good enough. The DLP promised to be the most transparent government of all and it has failed.

A taciturn Prime Minister Stuart may impress some by his propensity to think and the cultivated image that he is a man of integrity but what has that got to do with it when the same bullshit occurs under his stuartship? Five years tpo bring IL on the books which means it will not get operationalized in this term, no FOI, no defamation Act (amendment), has the New Immigration Act been read a third time? What about the CIB? Total BS and nothing to do with the economy.

ac

you appear to be “mashing some bunions”.

@ac
So we agree. both parties are hogwash. A few more quotes for ya…

“Furthermore, arrivals have started to decline again in 2012, ”
“Barbados’s economy grew…well below expectations”
“While tourism arrivals rebounded strongly…tourism expenditures continued to decline to just 80% of 2007 levels.”
“Barbados’ off-shore business sector,…is coming under increasing pressure”
“In response to the country’s poor economic performance, the government…pushing back the deadline for achieving a balanced budget”
” Interest expense now consumes more than 20% of the government’s revenues, significantly limiting its budgetary flexibility.”
“Debt/GDP equaled 80%…a ratio generally reached only by much wealthier countries ”
“The outlook also reflects rising pressure on the country’s foreign currency reserves, which continue to decline despite a reduction in the current account deficit”
“the government strategy… relies upon optimistic growth forecasts, very tight control over expenditures that will be difficult to achieve, and continued high inflation — which does not bode well for the country’s competitiveness.”

While I hold no brief or Mr. Arthur, and do not place blame fully at the GoB’s feet for where we are at, the above is striking and cannot be missed nor fluffed over. A level, blunt conversation is the least we as a people deserve. Not “hold the course” and “everything will be ok” or “the strategy is working.”

Clearly it is not working as expressed. We ain’t stoopid.

I done for now.

Observing.

*Popcorn in hand and feet up*

so david what ‘s your beef . that the five year govt had enough time to do all of the above and then some . never mind the legalities involved with some of them and some of which were the broughtn about by a past administration.leave it to you david everything would be done in a magical way to appease all .your are definetely “apoltician” politician just give the people what they want and worry about consequences later. that is why the country is having such difficulties because the politicians that ran the country in the past never worry about the future it was allways about the next election.stuart maybe be different and it for that reason i see his politics in a different light..

Carson go do Accra work before befor e Jon or Isola drag you over the coals again. Maybe you will catch the people stealing from the storerooms instead of here talking shite

New Year Resolution: SAY No to vindictive Owen Arthur , Muscle Mary, Wuk fa Wuk and that arrogant self serving crew who lust for political power and access to the nation’s treasury. There is no need to bring back the BLP.