Burt: PLP reduced taxes, cut spending and reduced deficit spending

THURSDAY, JANUARY 17: The Progressive Labour Party claimed credit in its aims of reducing taxes, cutting spending, and reducing deficit spending.

David Burt, Shadow Minister of Finance, said in a press release the figure released by the OBA Government show that government’s finances for the last fiscal year were $39 million dollars better than the previous figures released by government.

Mr Burt said: “In February 2012, the Ministry of Finance projected that the budget deficit for the last fiscal year (2011/12) would be $268 million. However, today’s figures showed that the deficit came in at $229 million which is $39 million less than projected.

“The figures also show that the PLP government reduced total government spending by $102 million in fiscal year 2001/12 when compared to the previous year.

“The $229 million deficit is smaller than the deficit in the previous year even though revenues fell by $83 Million which was party a result of payroll tax reductions and special concessions to retailers.

“The figures also project that the current fiscal year deficit is expected to be $198 Million.

“This would represent two consecutive years of deficit reduction by the PLP Government.

“The PLP is hopeful that the OBA Government will continue the PLPs work to reduce the budget deficit, and looks forward to the Budget debate next month.”