Video: Premier & Minister Press Conference
[Updated] Premier David Burt and Minister of Youth, Social Development and Seniors Tinee Furbert are holding a press conference this afternoon [Nov 12] to discuss the recently announced Throne Speech initiatives.
We will have additional coverage later on and in the meantime the live video is below.
Update 5.56pm: The Premier’s full statement follows below:
Good Afternoon, I am joined today by the Minister for Youth, Social Development and Seniors, the Hon. Tinee Furbert.
On Friday, 8 November, Her Excellency the Governor delivered the Speech from the Throne entitled ‘A Fairer Bermuda for All.’ It was a message and occasion of empowerment and hope, though tempered by sadness as we remembered a dedicated legislator, Senator Leslie Robinson, who is no longer with us.
The theme, ‘A Fairer Bermuda for All,’ embodies this Government’s commitment to putting fairness and equity at the core of our work, ensuring that our policies and services meet the needs of Bermudians.
Building a fairer Bermuda isn’t a new mission for this government — it is a continuation of our efforts since we took office, which has delivered meaningful change, and we will continue to do so.
Over the past few years, this Government has helped to make Bermuda fairer by reducing payroll taxes for 86% of workers, implementing Bermuda’s first minimum wage, expanding childcare assistance for families, increasing affordable housing options, and making homeownership more attainable for Bermudians through the Mortgage Guarantee Programme, and eliminating Stamp Duty on mortgage transfers.
Today, I will outline the initiatives led by the Ministry of Finance, highlighting the Government’s recognition that for Bermuda to be truly fair, we must address disparities in financial access, affordability, and opportunity by implementing policies and legislation that ensure Bermudians are treated fairly and that costs are reduced in essential services such as banking and pensions.
Firstly, we will address inequalities in Bermuda’s banking sector, where many residents face barriers to basic banking services. Under amendments to the Banks and Deposit Companies Act, banks will be required to provide basic banking services to all residents.
Every Bermudian deserves access to fundamental financial tools—a bank account, a debit card, or online payments—without excessive hurdles or costs. However, this is not the case now, and a growing number of residents do not have access to basic banking services. Ensuring that Bermuda is more fair means ensuring that Bermudians can participate in the financial system.
Additionally, we are advancing regulations that will cap bank fees. For too long, banks have reported bumper profits while Bermudians pay the price.
This government will ensure that financial services are fair, accessible, and responsive to the needs of our people.
Fairness in financial services goes beyond banking. Since 1998, Bermudian workers have paid an estimated $500 million in fees to local pension administrators. Our review has found that these fees are higher than in many other jurisdictions.
This government is committed to ensuring that Bermudians’ hard-earned money stays with them, so we will introduce regulations to cap fees paid to pension administrators. These changes will mean that a Bermudian entering the workforce today could have an additional $75,000 in their pension account by retirement.
We want to ensure that all Bermudians can look forward to retirement without undue financial strain and have larger balances when they retire to support them as they are living longer.
The Government will also launch a financial literacy campaign to empower Bermudians to make informed financial decisions. Informed by some of our fellow CARICOM countries that have undertaken similar exercises, the Ministry of Finance will first conduct a financial literacy survey, followed by targeted initiatives in partnership with pension administrators.
Financial literacy is the foundation of financial empowerment, and we want every Bermudian to have the knowledge and skills they need to manage their finances confidently. The Government will also ensure that fairness and financial prudence are our focus as we implement the new Corporate Income Tax [CIT] which will be effective 1 January 2025.
During this upcoming legislative year, we will codify how CIT revenues will be reserved for Bermuda’s benefit to eliminate Bermuda’s national debt over time and establish a sovereign wealth fund. This fund will enable strategic investments in Bermuda’s future, ensuring that revenue generated from our corporate sector benefits Bermudians now and in future generations to strengthen our economy.
Our efforts to build fairness into the tax system extend to Bermuda’s small business owners as well. A new payroll tax system for the Public Service Vehicle industry will be introduced, establishing fixed payroll tax levels based on minibus seating capacity.
Additionally, payroll tax for taxi owners will be reduced from $1,000 to $600, a 40% reduction, as part of our commitment to a fairer tax structure that supports small business owners while enabling them to provide essential services to the public.
To create a fairer marketplace, we will address the concerning trend of consolidation in key sectors, including food supply and financial services. When few players control essential goods and services, Bermudians may suffer from reduced choices and higher costs.
This government will introduce legislative amendments allowing us to scrutinise and, if necessary, act on local mergers and acquisitions that could harm competition and drive up prices. It is a fact that the Government currently lacks the legislative tools to address these matters.
Therefore, we must implement checks and balances to ensure Bermudian consumers are protected, prioritising fairness and transparency in these transactions. Beyond the financial initiatives I have discussed, this year’s Throne Speech announced detailed plans throughout Government ministries that will contribute to a fairer Bermuda.
Over the coming days, Government Ministers will hold press conferences and other events to delve into the specific initiatives from the Throne Speech that will be led by their ministries and align with our shared mission of fairness.
What will be clear is that from the financial reforms to housing initiatives, enhancements to our education system, reduction of red tape, expansion of healthcare coverage, addressing homelessness and more [that you will hear about from Ministers], this Government is focused on building “A Fairer Bermuda for All.”
Fairness is the guiding principle behind every decision, policy, and action we take, and we look forward to continuing to deliver on that during this legislative year. I will now invite the Minister for Youth, Social Development, and Seniors to share details on the Throne Speech initiatives being led by her important and vital ministry.
Thank you.
The Minister’s full statement follows below:
Good day, Bermuda.
Thank you all for joining us this afternoon. I want to share with you the initiatives of the Ministry of Youth, Social Development, and Seniors designed to foster a fairer, more equitable Bermuda as outline in Our Throne Speech Initiatives for 2024/25—A Bermuda where no member of our community is left behind and every voice is heard and valued.
The role of the Ministry of Youth, Social Development, and Seniors is to safeguard Bermuda’s most vulnerable populations. These include our young people, our elderly, persons with disabilities, and families facing hardship.
Today, I want to speak to each of you about how we will improve social support, strengthen protections, and uphold the dignity of every individual across our community.
Establishing a Disabilities Act
This year, Bermuda took a historic step, becoming the first Overseas Territory to extend the UN Convention on the Rights of Persons with Disabilities. This initiative sets a strong foundation for us to advance our own Disabilities Act, an essential framework that ensures persons with disabilities are granted equal rights and access.
The new act will be a powerful tool to protect and empower individuals with disabilities, providing them the access to services, facilities, and employment they deserve.
In April, the launch of Bermuda’s first National Disability Register began the critical work of identifying the needs of persons with disabilities across our island. This positions us to identify and address the gaps in available programs, services, and necessary equipment.
A Disabilities Act will be the next step in this journey which is long overdue and urgently needed.
I want to acknowledge all those living with disabilities who have reached out to me, including those who visited me at the polling station back in 2017, when I first ran for parliament. Your trust in this government to advance legislation on your behalf is both heard and deeply valued.
Personal Allowance for Seniors and Persons with Disabilities in Care
Many of our Financial Assistance clients in rest and nursing homes face an unspoken but pressing issue: they struggle to afford basic hygiene products and personal care items. We know that dignity in care isn’t a privilege—it is necessary. That’s why we are amending the Financial Assistance Regulations to include a $100 monthly personal allowance.
This addition will help seniors and persons with disabilities in care facilities maintain self-integrity and meet their daily needs.
Intensive Family Preservation
With a small community such as ours, families sit at the heart of Bermuda. They are the foundation of our society, and we must ensure they have the support needed to thrive. Unfortunately, many families are grappling with financial hardship, housing insecurity, and gaps in basic life skills.
Our new Intensive Family Preservation Program will take a Cross-Ministry Team approach to provide hands-on support to high-risk families. This program will equip families with the tools to manage daily responsibilities like budgeting, meal planning, and effective communication to build stable, parenting and nurturing environments for their children. This program has proven to be effective to our families and community.
“If you want to go fast, go alone. If you want to go far, go together.” This ancient wisdom reminds us that we cannot build a thriving Bermuda without supporting
the families who make up our communities. When our families are strong, our society is strong.
By intervening directly, we are breaking cycles of hardship and empowering families to move forward with hope, resilience, and independence.
I also want to remind the public that the Personal Allowance for seniors and persons with disabilities and the Intensive Family Preservation were initiatives funded by the Mid Year Budget Review. We are certain that these initiatives will deliver a meaningful difference in the lives of Bermudians now.
A Plan to End Homelessness in Bermuda
Every person deserves a safe place to call home. We recognize that housing insecurity is a complex issue affecting far too many Bermudians. To address this, the Government has finalized a plan to end homelessness, which will soon be presented to the Legislature.
This plan is not just a policy—it’s a commitment to ensure every Bermudian has access to stable housing. This requires all of us, government and community alike, to work to bring about lasting change.
In these times, the government must be proactive and connected to the real struggles of Bermudians.
We have not lost sight of your challenges, and we are working to address them head-on. From securing housing to ensuring our elderly and children are protected, this government is committed to the well-being of every Bermudian. Our role is to lead, to coordinate, and to monitor progress. But we also need the community’s engagement.
This legislative session is about lifting Bermuda’s most vulnerable, empowering families, and building a future where everyone can thrive. These initiatives are not just policies; they are holding us accountable to you, the people of Bermuda. I am here to ensure that these accountabilities are —not just words, but are real, measurable changes that reach every corner of our island.
Let us continue this journey together, grounded in the values of dignity, equality, and opportunity for all.
Together, we will build a Bermuda that is fairer, more inclusive, and more resilient, where no one is left behind, and every member of our community has a place to be heard and respected.
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Burt is in dream land with his comments on banking. Banks are subject to many regulations such as those relating to money laundering and know your client. No law can override those.
Financial literacy is a good call, start with the Minister of Finance and his Ministry as they are clearly lacking in that knowledge.
As to fairness, the PLP have had since 1998 to do something. However, since 2017 in particular they have worked against Bermudians by encouraging high paid expats in IB and their Economic Incentive plan to arrive, thereby driving up rents and creating a housing shortage. Simply put, the economy is out of control. No wonder so many Bermudians need Financial Assistance and charities to survive.
“Banks are subject to many regulations such as those relating to money laundering and know your client. No law can override those.”
I agree that banks are subject to “money laundering and know your client” obligations, but the PLP Government CAN pass a law that overrides those obligations. That would solve the problems of several high-ranking elected officials who refuse to provide necessary information to a local banks and therefore do not have banking relationships with local banks.
I wonder if that could be what is really driving this change?
I know where you’re coming from as to why the change is being sought. After all Derrick Burgess opened the can on that one. However the banks have just put out a release (on the radio news yesterday) politely showing the PLP two fingers. They have obligations to overseas banks (Gaming sound familiar?) and can not jeopardize those. Plus it would likely cause some noise in Bermuda’s reputation generally. Problem is we have a not very bright Min of Finance.
We have just heard phase two of the Throne Speech, romancing the voters.
We are told to day that the national debt would be non existent in ten years or may be there abouts.
Frankly I hardly think that the dream of reducing debt is achievable as being a trend as we look at recentand past large costruction projects that should cause us great concern .
Alot of water will pass under the bridge in say the 10 years , round and round it goes where is stops no body knows there is a limit to additional taxation based on the public ability to pay as inflation will coninues to haunt us as labor rates now are beginning to escalate .
They are all playing russian roulette .
Our Seniors received a 2 .4 % increase where did the other 17 .6 % go ? they do that in the UK all the time
Did you know tha seniors are restricted by the banks form borowing money.aswe live a life of kiss an cuddle .
Seniors are also responsible for the national debt.
We or they should never count the chickens before they are hatched as we realize that tax increases like a bit here and a bit there are passed on down the line to the public causing further inflation.
The interest rate on national debt and also personal debt, causes the public to live on borrowed money that will not come to a stand still neither wll the cost of living as we import every thing with a premium attached there too..
Dare i say Bermuda has past its limits on general afordsability on every thing.
Which business will next the next to go ? the big ones have gone to foreign buyers . the glory days are over .
Looking and hoping for better times would not be a wise practice as the new USA president elect has inward thinking on his mind in order to maintain his election promises including over due massive infrastuture requirements, not forgetting financing other peoples wars.
I find all that to be a hard nut to crack asuming that all major local preconceived major projects will come to a stand still .
yet , still as in the past, each project will be requiring more financing.
Interest rate increase to cost of living and the national fiancial outlay.
They borrow the mone and we windup paying for it. ouch !
I would say sadly that we and this courtry are living well beyond our means .
I would hardly think the construction industry would have any chance of survival by completing with
***** increasing and decreasing debt ***** both at the same time we. are all living at a stand still.
HOW TO SAVE MONEY.
Not every body have a need to save money ,this is for only those who care about themselves .
Investing in business is ok ! only if you know what you are doing as alternative it is as the same as investing in youself till and fir the time being.
Mozart the famous composer passed away leaving his wife destitute and owing others money ,that is not saving money.
Many will ask why should I save any money at all why if i can make from, Friday to Friday. That is until !
REASONS for SAVING MONEY
Then again every body needs to save money by putting some of it in the bank or going with out for one of several thousands of reason.
However you have to a have goal and or a target for saving money.
You have to balance the books, to do so there is a need to prepare a budget. JUST DO IT !
BALANCING THE BOOKS
Is not going out to borrow money from a willing lender good for only for major items like a home mortgage.
Home maintenance can be a big expense .
You have no reason just for turning on or buying the TV all that will come later.
All one needs to do is list the mandatory expenses in there date due order, as you do not need to be caught short , as not every months expenses will be the same .
When i was younger Car insurance CAR maintenance and TCD was almost to much to bare just around Christmas I just had to get a second job working nights .
Go and ask me where that money went ? only to pay of a loan on a small piece of land out in the boonies .
WHY SAVE! . and WHY NOT !
Just don’t not spend your last dollar.
You must be able to identify your ultimate goal for doing so .
The more you spend becomes the more you own resulting in the more you have to look after.
A life lived in fear is a life half lived. Planing ones life style in no diferent tha planing a budget all come to the who can be contented to wait . an that is far from easy . The word for that is SACRIFICE.
Air fairs ; fancy holidays , restaurants are un necessary expenses that all come later to share with another.
Just dont get sick. Take care of your self as many will spend their last dollar to live just one more day.
I say this because we all don’t to have to live like un happy millionaires .
RAISING A FAMILY
I will let that be your business, never the less family planning is important. .
DAY TO DAY EXPENCES
This is where almost of unaccounted money goes in I WANT not I NEED expenses there is a need to resist spending for little things, because, you as they say have a hole in your pocket there is a need to make things last longer learning how to repair thing will save you a bundle.
Say to your self can i do this or that or do I want to pay another , that is not in your budget ?
INFLATION. & RECESSION
Inflation, here is where thing can get tough, with inflation your money become instantly devalued as your money buys less.
Recession, here is where people spend less ,may be they did not get a commensurate raise in pay or at worse case loss of a job.
INHERATENCE. from family .
Never be under the false impression that you may or will inherent the family home, nothing is promised.
Get on with your life .
Dam if if you do and dam if you don’t dam it. Full speed ahead.
WORK
Work for the shear joy of it, as you have to love what you do, failing that , alway develop a second skill regardless of scolastic achievement .
Business pays money for ability to do the job .
Work is some thing you are going to be doing for many years of your life get a job that you will enjoy and be capable of doing may be you could start a home business which will grow ,it all about buying and selling .
All you have to say to a boss and make it easy for him /her and say .
” I am the best person for the job “.
Dis you know that they pay you to be miserable.
THE REASON FOR WHY WE WORK !
Do you know why the only reason that you go to work in the first place or own a business .
M O N E Y !