FDM On Energy Taxes, Solutions & More
The FDM said they “support the recent announcement by the Government to cut energy taxes” but added that it is “imperative that the Government moves beyond short-term fixes and focuses on sustainable solutions that address the root causes of our economic challenges.”
A spokesperson said, “The Free Democratic Movement [FDM] supports the recent announcement by the Government to cut energy taxes. This measure aims to reduce the financial strain on Bermudian families caused by rising electricity costs, which also impacts businesses and the wider community. While we acknowledge the benefits of this tax cut, it is important to recognize that the timing appears politically motivated. Lowering taxes is always helpful, but it should be part of a broader strategy for economic stability.
“While we endorse this initiative, we believe it should have been implemented earlier, as the country has been suffering from rising electricity bills for well over a year. This suffering is a direct result of the government refusing to allow BELCO to utilize the technology that our North Power Station was built and optimized for.
“To ensure long-term energy affordability, we strongly recommend that the Government collaborate with BELCO to introduce Liquefied Natural Gas [LNG] as a cleaner and more cost-effective energy source. Such an initiative could provide sustainable relief for Bermuda’s future. This is our focus—long-term change, not short-term, politically motivated, and unsustainable pre-election ‘gifts.’
“Lowering energy taxes is a positive step but must be paired with reduced government spending to avoid exacerbating our unsustainable debt. Without fiscal prudence, there is a risk of further increasing our already unsustainable debt, which poses a long-term threat to Bermuda’s financial stability.
“The FDM urges the Government to adopt a holistic approach that balances immediate relief measures with long-term financial responsibility. Policies should prioritize the well-being of all Bermudians, particularly the vulnerable populations who are most affected by high energy costs and economic instability. This may well be a tall ask for this administration, but a necessary one. By implementing balanced and forward-thinking policies, the Government can foster a stable and prosperous future for our Island.
“It is imperative that the Government moves beyond short-term fixes and focuses on sustainable solutions that address the root causes of our economic challenges. The FDM calls on the Government to demonstrate leadership and foresight by committing to fiscal prudence while ensuring that the needs of our people are met. This balanced approach will help build a resilient and thriving Bermuda, where all citizens can enjoy economic security and prosperity.”
