Good Morning, and welcome to members of the media and the people of Bermuda.
On Friday, His Excellency the Governor delivered the Speech from the Throne entitled Building a Fairer, More Stable, and Affordable Bermuda. This theme and the initiatives announced reflect the Government’s ongoing commitment to tackling the most pressing challenges facing our island and our people, addressing the cost of living, strengthening economic security, and increasing fairness in our economy and the critical systems and services that the people of Bermuda rely on.
Today marks the first in a series of press conferences and media engagements, during which, Government Ministers will provide further details on the initiatives from their respective ministries outlined in this year's Throne Speech.
I am pleased to be joined today by the Attorney General and Minister of Justice, the Hon. Kim Wilkerson, who will highlight key items from the Ministry of Justice.
The 2025 Throne Speech is a continuation of the work which the Government began in November 2024 and the promises made in our election platform. As I said in a statement released just before the reading of the Throne Speech on Friday, the Government did not feel it necessary to reiterate every statement from the previous speech just five months ago.
However, we wanted to reassure the public, as I will do again today, that those previous initiatives remain firmly on the Government’s agenda and will continue to progress alongside the new priorities outlined last week for the duration of this session of the Legislature, which will run until September 2026.
These new priorities come from the renewed mandate that the people of Bermuda endorsed during the election and have entrusted this Government to deliver. Today, I will outline the measures we are advancing under the Ministry of Finance to support a fairer and more secure financial future for all Bermudians.
Fairness in financial services is key to an economy that works for everyone. Too many Bermudians face unnecessary barriers when dealing with banks, lenders, and insurers, and this Government will take action to ensure that financial institutions operate in the best interests of our residents.
In this legislative session, the Government will strengthen laws to protect mortgage and lending customers facing financial difficulties, ensuring that banks treat Bermudians fairly in their borrowing practices. The Lender Code of Conduct will be updated, and the Regulatory & Competition Authority will be empowered to impose penalties on financial institutions that fail to follow the required consumer protection standards.
Bermudians deserve to know that when they take out a loan, they will not face unfair treatment, excessive fees, or barriers to refinancing that put unnecessary financial strain on their families.
For too long, homeowners have faced rising home insurance costs with little transparency on how these premiums are determined. This was a key issue, impacting many Bermudians that the Government has heard on the doorstep. Therefore, we will work with the Bermuda Monetary Authority and industry stakeholders to review home insurance regulations and explore policy reforms that allow homeowners to select appropriate coverage levels based on realistic risk assessments.
The goal is simple: to provide relief to Bermuda’s homeowners for rising home insurance expenses and ensuring they have fair options when choosing their level of coverage.
Alongside these efforts, the Government will implement the recommendations of the Tax Reform Commission so that the burden of taxation remains fair and balanced, particularly as new revenues from CIT are incorporated into Bermuda’s long-term financial planning.
These reforms are key to ensuring that the Government has the necessary fiscal guardrails in place to protect our economy while making Bermuda’s tax system more equitable.
The introduction of Corporate Income Tax (CIT) represents a significant shift in Bermuda’s tax structure, and it is critical that these funds are managed prudently. The Government will establish a Sovereign Wealth Fund, an independent body that will invest excess proceeds from CIT to benefit future generations of Bermudians.
This Fund will allow for strategic investments in infrastructure and public services while supporting the reduction of Bermuda’s national debt over time, creating a stronger, more stable financial foundation for the country. The stability of Public service pensions is also a critical part of our financial planning. With the recent compensation agreement reached with public sector unions, the Government must now make certain that our pension system remains sustainable for the future.
The Public Service Superannuation Act will be amended to eliminate the growing unfunded liability, ensuring that Bermuda’s pension system remains strong for years to come. At the same time, the Government will fulfil its election promise by restoring cost-of-living increases for public sector retirees, which have been suspended since 2014. By taking these steps, the Government will support those retirees who have served our island while maintaining the pension fund’s long-term viability.
As I mentioned at the beginning of my remarks, these new initiatives, I have outlined, build upon the work announced in the 2024 Throne Speech, which remains firmly on the Government’s agenda and which we have already advanced or will advance in this legislative session.
In November, in keeping with our promise, the Government tabled legislation to establish a new payroll tax system for the Public Service Vehicle industry. The legislation implements fixed payroll tax levels based on minibus seating capacity while reducing taxes by 40% for taxi owners.
We increased the maximum severance for long-serving employees from 26 weeks to 32 weeks and amended the law to remove the requirement to pay payroll tax on severance pay, providing stability and fairness for employees in a period of transition.
In December, the Government also passed the Clean Air Act, strengthening air standards and safeguarding our environment, public health and the quality of life in Bermuda and as the Throne Speech mentioned, in this session we will be advancing clean air regulations under that act.
Building on this progress, the Government will now take further steps to enhance financial security and affordability. We will finalise the legislation to cap pension fees, allowing hardworking Bermudians to keep as much as $75,000 in their retirement savings and retire with greater financial security.
During the summer session of the legislature, the Government will also advance legislation requiring all banks licensed in Bermuda 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 fees or unnecessary barriers.
The Government will also launch a financial literacy campaign to ensure that all Bermudians have access to the knowledge and resources needed to make informed financial decisions. As part of this effort, a financial literacy survey will be conducted, and targeted initiatives will be developed in partnership with pension administrators and other financial stakeholders.
These efforts, alongside the initiatives to be announced by Ministers in the coming days, represent the renewed trust that the people of Bermuda have placed in us and our commitment to deliver the change they have called for.
Ministers will outline how the Government will advance key initiatives across housing, healthcare, education, justice, and economic development, ensuring that opportunity is expanded, financial security is strengthened, and fairness remains at the heart of our policies.
The people of Bermuda will also need to be informed of how the government will fund these initiatives. On 2 May, the Government will deliver the 2025/26 Budget to the House of Assembly, and the people of Bermuda will understand how this aggressive agenda will be funded responsibly and sustainably.
The Budget will reflect our commitment to fiscal responsibility, economic growth, and delivering on the promises made to the electorate, ensuring that the investments we make today build a stronger and more secure Bermuda for the future.
Now, I am pleased to hand the podium over to the Attorney General and Minister for Justice, Senator Kim Wilkerson, who will highlight the critical work being done in her Ministry from the Throne Speech.