Mr Speaker, I rise today to report to this Honourable House that the Cost of Living Commission Amendment Act 2020 is being brought into force as of today, June 17, 2022.

Mr Speaker, this Act passed the Legislature in June of 2020, but when I resumed duties as Minister of Finance it came to my attention that this bill was never brought into force. As a reminder for members of this Honorable House and the listening public, the Cost of Living Commission Amendment Act 2020 provided for the following:

Mr. Speaker, in accordance with section 28 of the Bermuda Monetary  Authority  Act 1969, I am pleased to table the Bermuda Monetary Authority  Annual  Report 2021 (the “Report”).

Following a positive formal decision by OECD Forum for Harmful Tax Practices, Bermuda anticipates removal from EU’s Annex II

In November 2021, the OECD’s Forum for Harmful Tax Practices (FHTP) issued Bermuda with an urgent recommendation to initiate certain exchanges of information relating to economic substance. These exchanges were completed in December 2021, fulfilling the recommendation well in advance of its April 2022 deadline.

As part of the Government’s ongoing commitment to provide relief now and reduce the cost of living for the people of Bermuda, the Premier and Minister of Finance has determined that fuel prices “at the pump” for the next month will not be increased and therefore, for the next month, consumers will continue to pay the same prices as of February 2022.

Additionally, reductions will be made to the customs duty for fuel imports, and the pricing model previously in place has been adjusted.

Premier and Minister of Finance, David Burt, returns from Barbados this evening after taking part in the Caribbean Financial Access Roundtable. The Roundtable discussed critical issues regarding correspondent banking relationships, de-risking, anti-money laundering, and related banking issues.

At the invitation of the Prime Minister & Minister of Finance of Barbados, the Hon. Mia Amor Mottley, QC, DBE, MP, Bermuda’s Premier & Minister of Finance, the Hon. David Burt will be in Barbados on Wednesday to participate in the Caribbean Financial Access Roundtable.

The Roundtable meeting, which takes place tomorrow, April 20, is co-hosted by the Government of Barbados and the Hon. Maxine Waters, Chair of the US House of Representatives Financial Services Committee.

Mr. Speaker, among the most expensive items we must buy in our everyday lives is gas or diesel for cars and bikes. We make time to work, we take our children to school, we take an elderly relative for a drive or we use a vehicle to ply our trade. Every Bermudian makes use of fuel and is impacted by an increase in its cost.

Mr. Speaker, Honourable Members and the public may have noted that in January there was an increase of 1.7% for gasoline and an increase of 3.2% for diesel. In February the increases were 4.9% for gasoline and 4.7% for diesel.

Move Combines Economic Development with Labour, Immigration and Workforce Development

The Cabinet Office advised today, 22 February 2022, that upon the advice of the Premier, Her Excellency the Governor has transferred responsibility for Business Development, International Business, the Bermuda Economic Development Corporation (BEDC), the Bermuda Business Development Agency (BDA) and the Economic Development Department from the Premier to The Hon. Jason Hayward, Minister of Labour.

Your Excellency, Deputy Premier, Minister Wilson, Senate Leader Dr. Peets, colleagues, friends, members of the media; good morning.

Let me begin today by welcoming Rev. Dr. EmilyGail Dill to the Senate and congratulating her on her appointment as a Junior Minister.

She has answered a call to serve at an important time in Bermuda and I am grateful for her willingness to embark on this new facet of her already extensive public service.

I have today reluctantly accepted the resignation of the Hon. Curtis L. Dickinson, JP, MP, as Minister of Finance. Bermuda has been well served by Minister Dickinson’s steady and thoughtful hand at the helm of the Government’s finances and fiscal strategy. Minister Dickinson led the financial support response to the pandemic and invested tremendous personal energy and commitment to ensure that the needs of the Island’s workforce were met as people were impacted by the necessary strict public health measures.