Minister’s Resignation: Days Before Budget

The resignation of Curtis Dickinson as Minister of Finance days before the Budget caused extensive conversation in the community, with many wondering the reasons for the resignation and noting the pre-budget timing.

Resigns Right Before The Budget

The resignation comes days before the 2022 Budget is due to be delivered, making it either a remarkable co-incidence or the resignation was somehow related to some aspect pertaining to the upcoming budget.

No Pre-Budget Report This Year

Whether related or not we do not know, however we do know that unlike the past three years, when they were released in January, there has not been a ‘Pre-Budget Report’ released this year.

Major Position Held 

While it can be seen as subjective, most would view the Finance Ministry as a key Ministry, especially in light of the island’s national debt and financial challenges, which have been further exacerbated by the pandemic.

Five Cabinet/Senate Resignations Since 2020

Mr Dickinson’s resignation marks the 5th resignation — a term we use as that is the term used in all announcements – from a position in the Legislature in less than two years, and it comes before the Premier has replaced the last person who resigned from a position in the Legislature, as Curtis Richardson’s resignation from the Senate took effect on January 31st, and his replacement has not yet been announced.

While the former Finance Minister is understood to have resigned at his own accord, and the language in the announcement indicates as much — the Premier said he “reluctantly accepted the resignation” — that is not the case for all five, with language used in some of the past ‘resignations’ including “accepted his invitation to resign” and in the case of the last Cabinet Minister to ‘resign’ it was clearly stated the accompanying appointment to the Senate was revoked.

Other ‘resignations’ also followed after some calls for the person to resign — major calls in the last two cases — which is far from the case with Mr Dickinson, who was not receiving that.

So as it stands now, we are awaiting both the announcement of a new Senator — which can be anyone from the community — and the announcement of a new Finance Minister, who must be an elected MP.

While it is not quantifiable, many would view the former Finance Minister’s resignation as the most impactful resignation for a myriad of reasons.

Resignation Of A Very Experienced Financial Professional

Mr Dickinson is highly experienced in financial matters, his biography on the official Parliament website states, “He was appointed Minister of Finance on November 1, 2018. Mr. Dickinson has over 25 years’ experience as an investment and commercial banker in the United States, the United Kingdom and Bermuda.

“Before his ministerial appointment, he served as Executive Vice President and Group Head of Private Banking at the Bermuda based Bank of N.T. Butterfield & Son Limited. Prior to his return to Bermuda in 2006, Mr. Dickinson held senior roles with Donaldson Lufkin & Jenrette Securities Corporation; Credit Suisse First Boston Corporation; and Wells Fargo Securities, raising capital for companies in the media and emerging telecommunications, consumer and retail industries.”

And while it can be seen as subjective, many viewed Mr Dickinson as a highly capable Finance Minister and he is said to be quite well regarded by the business community.

Remains An MP

Mr Dickinson — who was elected to House of Assembly in Warwick North East during a by-election on June 7, 2018 – will remain an MP.

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