The Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, returns to the Government of Bermuda’s Leaders on the Record podcast for a detailed discussion on price transparency and fair markets in Bermuda, and what these measures could mean for consumers and business.
In the latest episode, Minister Lightbourne explains how the Cost of Living Commission Amendment (No.2) Bill would strengthen price transparency by giving the Commission greater visibility into the costs that contribute to the prices on the shelf.
She also discusses why a 5 percent increase in the price of a monitored item triggers additional reporting to the Commission, and how the Government intends to assess whether millions of dollars in duty relief on essential goods from the Government is actually being reflected in the prices paid by consumers.
The Minister also addresses matters of interest to both consumers and businesses and explains the distinction between setting prices and requiring greater transparency around the costs that contribute to shelf prices.
The discussion goes beyond individual grocery prices and into the wider structure of Bermuda’s economy, including proposed competition legislation, dominant market positions, mergers and acquisitions, and the prospect of greater regulatory scrutiny in sectors where competition may be limited.
Leaders on the Record is designed to move beyond formal announcements and give the public direct access to senior leaders as they discuss policy, government priorities, national issues and the work being done across Government.
Minister Lightbourne’s interview is available now and can be found at Leaders on The Record.
