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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