Chamber Of Commerce On Throne Speech
“We believe it would be more beneficial for the economy and society overall if the Government focused on strengthening its existing responsibilities before extending its reach into further areas of the private sector,” the Chamber of Commerce said following today’s Throne Speech.
A spokesperson said, “It was positive to see a couple of points that the Chamber of Commerce raised ahead of the Throne Speech, specifically around housing and landlord tenant act, as housing is and will continue to be a key challenge in achieving the long term economic goals of business and the island.
“However, we believe it would be more beneficial for the economy and society overall if the Government focused on strengthening its existing responsibilities before extending its reach into further areas of the private sector. Below are specific points of consideration based on the Throne Speech that was announced earlier today:
1. Mergers, Acquisitions, and Market Competition
“We recommend caution regarding local mergers, acquisitions, and potential price and fee measures in financial services, as unintended consequences may arise if consultations fail to take into account comprehensive perspectives. Restrictions that limit business owners’ options can deter local investment, especially as seasoned businesses face succession planning and cost management. Legislation should aim to support and encourage local investment rather than hinder it, recognizing that capital remains fluid and can shift quickly if business owners consider the risk vs return metrics not aligning.
2. Bermuda Tourism Authority [BTA] Funding
“On the plans to move BTA to a self funded model, the Government grants currently contribute two-thirds of the BTA’s revenue in 2022 [compared to 55% pre-COVID], clarity is needed on how to realistically bridge this funding gap. What specific outputs and service levels are expected as part of the BTA’s strategic plan, given the importance of tourism and tourism marketing with Southampton Princess potentially coming on line in 18 months.
3. Housing and Real Estate Development
“While there is support for affordable housing initiatives, we question the City of Hamilton’s viability for such developments, given high land costs and limited potential for commercial returns. Higher residential density is welcomed and whilst the Government has committed $50 million for residential projects in Hamilton, to date, none of this funding has been utilized. Whilst the Chamber is supportive of the change of purpose to address the sufficient housing challenge, the track record over the past 15 years on this project is also a statement of the risks of Government direct investment in real estate, and should objectively review Governments role in future real estate projects.
4. Corporate Income Tax and Debt Repayment
“Projections for debt repayment over the next decade should be managed cautiously, especially with evolving global tax standards, such as a potential 15% tax rate in the U.S. It is premature to set lofty expectations without publicly detailing the forecast methodology or collecting the first dollar of Corporate Income Tax. We anticipate the Tax Reform Commission’s findings to shed light on these impacts and look forward to the planning on how the tax base will develop.
5. Comprehensive Immigration Reform
“Efforts to expand the resident population require a stable and clear immigration framework to be successful, which piecemeal reforms will not achieve and can cause confusion on the overall objective of building the residential population.
6. Over-Regulation and Economic Management
“We are concerned about the potential over-regulation in sectors such as food, where competition is already robust. Additionally, telecom fees and the Regulatory Authority [RA] framework require significant reform. Government should ensure its role in the economy is one that creates a strong eco-system that supports positive growth and benefits to the wider residents, however, its role is not to micromanage the economy. Regressive or knee-jerk policies tend to lack positive long-term results and risk missing the mark on core issues, such as immigration reform, education, senior care, and pensions.
7. Focus on Core Responsibilities
“We urge the Government to prioritize addressing critical internal issues—staffing at the Department of Planning and Land Title Registry Office, immigration processes, educational reform, statistical timeliness, debt management, and underfunded entitlement programs. Tackling these fundamental areas would lay a stronger foundation for economic progress, benefitting all sectors of society. Until these critical issues are addressed, further interventions in the private sector risk distraction and resource dilution. We should ensure that the internal gears of Government are working well before Corporate Income Tax is received, otherwise there are risks of an inefficient use of these tax proceeds in the future, providing diminishing returns.
In Summary
“While we acknowledge the Government’s work to the various challenges that are faced, both structural and economic, we recommend that they focus on resolving these foundational issues first. Ensuring the success of public education, immigration reform, healthcare, planning, statistical data accuracy, and debt management are vast and essential projects. Once progress is made in these areas, any adjustments to the economy would be better informed and more sustainable for all stakeholders. The Chamber remains keen to work with the Government to address these challenges and ensure that the Chambers membership, along with wider stakeholders, continue to support positive progress with the Bermuda ecosystem.”
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Hear, hear! May I suggest that we begin to develop and promote a culture of excellence in this country.
We need to harness efforts from each person in the country in a way that will strengthen us individually and, then exponentially the collective citizenship.
Looking to you to show us how it is done.
Have you not witnessed a high degree of excellence ? How sad ! You appear to be some what disappointed !
What do you think that we the people of Bermuda have been doing all these years , that which aparently appears to surely be beyond your comprehension .
Pray tell , can you elaborate on what more is required of us to “strengthen us” .
We are not proud hard working Bermudians ?
” Exponentially “,our efforts and all those who have worked their fingers to the bone ,surely must be clearly visible.
I am confident that , if we had more to give, we would all gladly do so.
LOSS OF COMMON CUTURE.
Are we talking about the loss of of our common culture, but, let us not forget the degenerative programing on TV.
Before we can embrace and advance culture in Bermuda we need to account for what has been lost.
Makes us all wonder what has been gained over the years in any thing the list below does not paint a creditable picture moving forward .
ATIRE. ***** Bermuda shorts with knee socks the one dress code that sets us apart and defines Bermuda is lost ***** .
Sensible shoes
Mens Neck tie.
The umbrella .
Ladies Hat.
Bermuda public dress code is at an all time low .
ENTERTAINMENT.
Cultural music
Art work
Formal dancing
FOOD.
Family dining lost to eat on the fly .
Preference to Paper plates and plastic cutlerly
Preference to Finger foods are on the rise . Chicken a Pizza and hamburgers
TRANSPORT
Courtiouse driving practices.
Poor drving practices.
EDUCATION
Quality of public education.
Basic Etiquette not taught in schools .
Children with a no car attitude.
Broken home a problem of practiced abuse .
BASIC CULTURE
The word “Thank you ” and “Cordial Greetings” are no longer practiced.
Respect for the elderly.
Honesty lost with too many lies told…….. by some .
Respect for one another.
” Los of Respect” for our women folk
LAW
Disrespect for common law.
Freedom of speace ripe with hate.
Disrespect for common sense driving and biking.
Running trafic lights and stop signs.
Excessive taxation.
Crime rate on the rise . lock your door and windows .
BERMUDA. The island of NO !
SHOPPING
Prices out of control.
Labor rates beyond realistic.
Bermuda is too expensive.
Loss of the residential tourist industry.
“Bermuda public dress code is at an all time low”
I still cringe when I see a shirtless man in public or a woman wearing a bikini top anywhere other than the beach (such as on Front Street). But I think I am in the minority these days.
COMMON COULTURE REVISITED.
I wish I could apologie for my critical comments above, unfortunately what we see and and do is what we are and have become.
Unfortunatel Bermuda has alway been lacking by keeping up with the latest fashion, our climate controlls the difference so does office dress down , Friday .
Bermuda did at one time had a dress code second to none .
Now we some of our see young lades wearing skin tight pants. an virtually top less.
At least we can give credit to our polititions who look the look and certainly play the part with the obligation to walk the walk.
It is said that you can not judge a book by its cover , that depends on who is doing judging ,as the over is the book .
Then a gain a “T” shirt would be out of order for certain occasions , but ideal for work in the hot sun.
Personal economics and type of employment has alot to do with our attire as many of have turned to discarded clothing found in the bottom draw, however ,styles do change over time .
I look at that as money wasted on clothing trends. I never throw any thing away.
We can not blame people for that as food on the table becomes a top priority.
However, we do have an obligation to appear well dressed to our visitors.
We certainly have an obligation to ” Keepng up Appearances ” a T.V. comedy show , and the T.V. series “Dalton Abby” which portrayed the Edwardian era involving a chamber maids and valets to maintain personal atire .
Our personal demeania has noticeably changed, could be that which is available on Amazon unfortunately I can no make any excuse for that .
The way we relate to one another lets the whole side down we are all special .
I cringe when I see overweight people in ill fitting clothes, or gang members advertising their wares.
We all need a string of pearls to clutch.