Earlier today, the Minister of Home Affairs, the Hon. Alexa Lightbourne, JP, MP, announced that Government will be hosting a Cost of Living Summit on June 25, 2025.

This Summit is a critical forum being convened to address one of Bermuda’s most urgent economic challenges: the rising cost of living. 

This Cost of Living Summit will present key findings from recent public and business surveys, focus groups, and market research, providing a clear and evidence-based view of the current affordability landscape. It will serve as a platform for constructive dialogue between public and private sector leaders, and actively engage the broader community in shaping practical, short- and mid-term solutions. 

The Minister was joined today by members of the Cost of Living Commission, Mr. Anthony Richardson and Ms Michelle Jackson, as well as the Junior Minister of Home Affairs, Sen. Lindsay Simmons, JP. 

COST OF LIVING REMARKS by:
The Hon. Alexa N.H. Lightbourne, JP, MP Minister of Home Affairs

Good day, and thank you for joining me today.

And, I am also pleased to be joined by Junior Minister Lindsay Simmons & the Chair and Deputy Chair of the cost Living Commission, Mr. Anthony Richardson and Mrs. Michelle Jackson.

We are here today because the Government was given a clear mandate. A mandate that appreciates the impact of rising food prices. The pressure of unaffordable rents. The pressure of working long hours, yet, still not being able to get ahead.

Earlier this year, in the 2025 Throne Speech, the Government made a clear commitment: to tackle Bermuda’s cost of living with strategy, coordination, and courage.

And today, as Minister responsible for Home Affairs tasked with leading this strategy on behalf of the Government, to announce the next step in our effort.

On Wednesday, June 25, the Government of Bermuda will host its first-ever Cost of Living Summit, held at the Hamilton Princess Hotel.

This Summit is a first of its kind. And presents a pivotal forum where Government and private sector leaders will come together to confront the real cost pressures driving prices in our economy.

And more importantly, it’s a forum to design actionable solutions.

The Cost of Living Summit seeks to build on the data shared during our cost of living survey, and other industry insights to create a space where public and private sector stakeholders come together; to explore the future of key industries and explore real solutions.

The public should know that this journey did not start today. A journey that has informed the framework of the Summit.
We began by launching Bermuda’s first Cost of Living Public and Business Surveys, with over 2,200 participants responding. I want to take this opportunity to thank everyone who took the time to do so.

So, let’s take a moment to review some key insights resulting from the Public Survey.

When asked to identify their most challenging monthly expenses, 40% of respondents cited housing, utilities, followed by groceries and food, healthcare, and utilities. These figures represent families under pressure and households forced to make tough choices.
Looking ahead, nearly 79% of participants stated they believe Bermuda will be unaffordable within the next five years, with over 83% saying they expect to struggle to meet basic necessities in the next 12 months.

The data also underscores public sentiment around affordability: 65.3% say housing is outright unaffordable, while 61.4% point to food costs, and 56.6% state healthcare is unaffordable.

These results confirm what many of us mostly knew, that operational costs, from imported goods and energy prices to supply chain bottlenecks, are a significant barrier to lowering consumer prices -- but it also showed the deep-seated concern and frustration that residents are facing with economic pressures and rising costs. The results further confirm the reality that the cost of daily life is outpacing the earnings and options of too many Bermudians.

These figures reinforce the need for coordinated policy interventions.

The upcoming Cost of Living Summit, is a step forward, focused on translating this data into policy, and pressure into progress.
The Summit will seek to deliver four key purposes:

1. To update the public on what we’ve learned so far, including research findings and stakeholder insights.
2. To confirm solutions—through sector-specific panels and open dialogue—with representatives from food distribution, utilities, imports, health care, and housing.
3. To announce Industry Partners— private sector organisations who in support of the Government’s efforts have confirmed their commitment to work alongside the government in its cost of living agenda.
4. And finally, to define clear next steps.

We seek to demonstrate that we are delivering, we are about action and we are using the feedback to propel meaningful policies.
We know that behind every statistic is a Bermudian family. A senior deciding between medication and meals. A mother choosing between groceries and school uniforms. A young couple wondering if they’ll ever be able to stay and raise their children here.
That’s why this Summit matters.

We must accept as a community that the Government cannot solve this challenge alone. And, neither can the private sector.
But what we know is that Bermuda deserves action armed by a new spirit of shared and collective responsibility.

To our business leaders, we invite you to the table. Help us shape proposals that identify the legislative, regulatory, or policy interventions needed to reduce operational costs, and the burden on consumers.

Following the Summit, a Cost of Living Strategy will be compiled and delivered to the Cost of Living Commission, who are the statutory body responsible for implementation.

Addressing Bermuda’s cost of living will not happen overnight. But every step counts. And we each have a role to play.

As Minister, I will continue to fight for policies that ease the daily pressures facing our people, especially working families, seniors, and young Bermudians.

I will continue to advocate for policy rooted in fairness, grounded in evidence, and measured by impact.

Thank you.