Budget: $70m in cuts, 60:40 to be abolished

Highlights of the Budget, announced today:
Here’s the full Budget Statement:
2014 Budget

  • $70 million in cuts this year, and 15% over three years.
  • 60:40 rule to be abolished
  • Three gaming licences likely to be issued
  • Spending in the coming year will be $1.17 billion, down 7% on 2013-14
  •  Gross public debt will be $2.305 billion and debt, net of the Sinking Fund will stand at $1.772 billion by the end of March.
  • No public service job losses this year
  • “The big idea” is there as predicted – more than 12 Government services could be spun off to the private sector.
  • Revenue of $901 million in taxes, fees and other income — up $9 million on the current year.
  • The overall deficit in the Budget for the coming year is expected to be $267.3 million — a reduction of $64.3 million (19.4 percent) on the $331.6 million deficit for 2013-14.
  • No new taxes
  • Most Government fees will increase by around five percent, bringing an extra $2-3 million.
  • The deficit for the current (2013-14) year is $10m wider than expected. Tax revenue rose by $20m but expenditure was $30m higher.
  • The tax break for employers who hired unemployed Bermudians that was introduced last year will remain in place as will incentives for non-Bermudians purchasing real estate.
    The Gazette has a fairly detailed story on the Budget here:
    Bernews has a live blog here.
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