“I am pleased to announce that the payroll tax rebate that this Government promised in July for workers making less than $96,000, is being delivered today,” said Premier and Finance Minister, David Burt.

“It is regrettable that this innovative first-time programme was delayed as we ensured that there were no issues with the Auditor General when these funds are audited. However, I am pleased that the Government is now moving forward on tax relief for working families. 75% of Bermuda’s workforce is eligible to apply for this payroll benefit today.

Good afternoon members of the media and colleagues; good afternoon to the people of Bermuda.

Last Friday, I provided an update in the House of Assembly on the latest estimates relating to the 2021/22 Budget as the Government prepares for the annual audit of the Consolidated Fund.

Mr. Speaker, I am pleased to provide a further update on the Tynes Bay Waste to Energy Facility.

Honourable members may recall in February of this year, the then Acting Minister advised this House on the One Hundred and Fifty Million dollars (BMD $150,000,000.00) Capital Programme for the refurbishment of the Waste to Energy facility and the commencement of said programme.

Mr. Speaker, I rise today to provide this Honourable House and the people of Bermuda with an update the  work being carried out by the Ministry of Finance. In the first instance, I would like to advise of the latest estimates relating to the 2021/22 Budget arising from the extensive work done to prepare for the audit of the Consolidated Fund.

Mr Speaker, Bermuda’s economy continues to be driven by international business. This summer we saw a record number of young Bermudians enter the industry as interns, graduate trainees or full time employees in the various sectors. The growth encountered in international business provides significant positive impact on the local economy. In the wake of the worldwide restrictions on travel and in-person meetings, there is a renewed sense of urgency to reconnect again and the Government of Bermuda must re-engage with the industry.

The Ministry of Finance today [September 25] confirmed that Mrs Dionne Morrison-Shakir has been appointed Accountant General for the Bermuda Government, effective August 1 2022.

Mrs Morrison-Shakir is a chartered accountant with over 20 years of post-qualification experience. She holds a Master of Business Administration (Finance) from Manchester Business School.

“The labo(u)r movement was the principal force that transformed misery and despair into hope and progress”. These words come from a 1965 speech by Dr. Martin Luther King Jr. and perfectly frame the historical significance of labour movements the world over and especially in Bermuda. Beyond the workers’ daily labour, the Movement galvanized women and men into a united body, determined to secure basic rights and freedoms for all people.

Mr Speaker, by any measure Bermuda is an affluent society. But that affluence has created a society in which economic pressures make it increasingly difficult for many hardworking people to keep up. Legitimate aspirations are frustrated by runaway costs of basic items which are necessities for life in this community. The high cost of living creates circumstances which sometimes defy economic theory but create a reality which the Government has a responsibility to address.

Mr. Speaker, I am pleased today to table the Bill entitled the Banks and Deposit Companies Amendment Act 2022 (the “Amendment Act”). The primary purpose of the Amendment Act is to provide the Bermuda Monetary Authority (the “Authority”) with an express power to issue codes of conduct in relation to the manner in which an institution conducts deposit-taking business. In addition, the Amendments will allow for the regulation of banking fees, similar to provisions that exist in other major countries.

“Bermuda's Economy is moving in the right direction, and the Government will keep its promise to deliver even more relief to workers while maintaining fiscal discipline,” said Premier and Minister of Finance, the Hon. E. David Burt, JP, MP, as he announced that Moody’s Investor Service (“Moody’s”) affirmed Bermuda’s A2 issuer and senior unsecured bond ratings, and maintained Bermuda’s stable outlook.