On Friday, 8 November, Her Excellency the Governor delivered the Speech from the Throne entitled ‘A Fairer Bermuda for All.’ It was a message and occasion of empowerment and hope, though tempered by sadness as we remembered a dedicated legislator, Senator Leslie Robinson, who is no longer with us.
The theme, ‘A Fairer Bermuda for All,’ embodies this Government’s commitment to putting fairness and equity at the core of our work, ensuring that our policies and services meet the needs of Bermudians.
Building a fairer Bermuda isn’t a new mission for this government — it is a continuation of our
efforts since we took office, which has delivered meaningful change, and we will continue to do so. Over the past few years, this Government has helped to make Bermuda fairer by reducing payroll taxes for 86% of workers, implementing Bermuda’s first minimum wage, expanding childcare assistance for families, increasing affordable housing options, and making homeownership more attainable for Bermudians through the Mortgage Guarantee Programme, and eliminating Stamp Duty on mortgage transfers.
Today, I will outline the initiatives led by the Ministry of Finance, highlighting the Government’s recognition that for Bermuda to be truly fair, we must address disparities in financial access, affordability, and opportunity by implementing policies and legislation that ensure Bermudians are treated fairly and that costs are reduced in essential services such as banking and pensions.
Firstly, we will address inequalities in Bermuda’s banking sector, where many residents face
barriers to basic banking services. Under amendments to the Banks and Deposit Companies Act, banks will be required to provide basic banking services to all residents.
Every Bermudian deserves access to fundamental financial tools—a bank account, a debit card, or online payments—without excessive hurdles or costs. However, this is not the case now, and a growing number of residents do not have access to basic banking services. Ensuring that Bermuda is more fair means ensuring that Bermudians can participate in the financial system.
Additionally, we are advancing regulations that will cap bank fees. For too long, banks have
reported bumper profits while Bermudians pay the price. This government will ensure that financial services are fair, accessible, and responsive to the needs of our people.
Fairness in financial services goes beyond banking. Since 1998, Bermudian workers have paid an estimated $500 million in fees to local pension administrators. Our review has found that these fees are higher than in many other jurisdictions. This government is committed to ensuring that Bermudians’ hard-earned money stays with them, so we will introduce regulations to cap fees paid to pension administrators. These changes will mean that a Bermudian entering the workforce today could have an additional $75,000 in their pension account by retirement.
We want to ensure that all Bermudians can look forward to retirement without undue financial
strain and have larger balances when they retire to support them as they are living longer.
The Government will also launch a financial literacy campaign to empower Bermudians to make informed financial decisions. Informed by some of our fellow CARICOM countries that have undertaken similar exercises, the Ministry of Finance will first conduct a financial literacy survey, followed by targeted initiatives in partnership with pension administrators.
Financial literacy is the foundation of financial empowerment, and we want every Bermudian to
have the knowledge and skills they need to manage their finances confidently. The Government will also ensure that fairness and financial prudence are our focus as we implement the new Corporate Income Tax (CIT) which will be effective 1 January 2025.
During this upcoming legislative year, we will codify how CIT revenues will be reserved for
Bermuda’s benefit to eliminate Bermuda’s national debt over time and establish a sovereign wealth fund. This fund will enable strategic investments in Bermuda’s future, ensuring that revenue generated from our corporate sector benefits Bermudians now and in future generations to strengthen our economy.
Our efforts to build fairness into the tax system extend to Bermuda’s small business owners as well. A new payroll tax system for the Public Service Vehicle industry will be introduced, establishing fixed payroll tax levels based on minibus seating capacity. Additionally, payroll tax for taxi owners will be reduced from $1,000 to $600, a 40% reduction, as part of our commitment to a fairer tax structure that supports small business owners while enabling
them to provide essential services to the public.
To create a fairer marketplace, we will address the concerning trend of consolidation in key sectors, including food supply and financial services.
When few players control essential goods and
services, Bermudians may suffer from reduced choices and higher costs. This government will introduce legislative amendments allowing us to scrutinise and, if necessary, act on local mergers and acquisitions that could harm competition and drive up prices. It is a fact that the Government currently lacks the legislative tools to address these matters.
Therefore, we must implement checks and balances to ensure Bermudian consumers are
protected, prioritising fairness and transparency in these transactions. Beyond the financial
initiatives I have discussed, this year’s Throne Speech announced detailed plans throughout
Government ministries that will contribute to a fairer Bermuda.
Over the coming days, Government Ministers will hold press conferences and other events to delve into the specific initiatives from the Throne Speech that will be led by their ministries and align with our shared mission of fairness.
What will be clear is that from the financial reforms to housing initiatives, enhancements to our education system, reduction of red tape, expansion of healthcare coverage, addressing
homelessness and more (that you will hear about from Ministers), this Government is focused on
building “A Fairer Bermuda for All. ”
Fairness is the guiding principle behind every decision, policy, and action we take, and we look
forward to continuing to deliver on that during this legislative year. I will now invite the Minister for Youth, Social Development, and Seniors to share details on the Throne Speech initiatives being led by her important and vital ministry.
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