Column: Adams On Pre-Budget Report & More

[Opinion column written by MP Jache Adams]

Building a fairer Bermuda for all of us is at the core of what we believe and what we do. It is a promise to the people of Bermuda and our commitment to everyone, not just the privileged few, having an opportunity to thrive. As a result, The Pre-Budget Report for 2025/26 is more than a policy document; it’s a roadmap for a Bermuda where working families, seniors, and everyday Bermudians come first.

For the first time in 21 years, Bermuda is on track to achieve a balanced budget, a testament to what we can accomplish when we prioritize people over politics. With revenues projected to reach $1.26 billion, fueled by a recovering tourism sector and a strengthening economy, we’re proving that growth doesn’t have to come at the expense of fairness. And despite the challenges of global inflation and a pandemic that hit us hard, we are delivering a surplus while investing in critical needs like public safety, education, mental health, restoring our roads and beautifying our community.

The Pre-Budget Report is also about recognizing that Bermudians are still feeling the pinch in their wallets. High energy costs, housing shortages, and rising prices at the grocery store are daily realities for too many of us. That’s why this Pre-Budget Report lays out bold steps to ease financial burdens and level the playing field.

We’re proposing measures that will directly improve our lives:

• Cutting energy taxes by 20% [80% lower than when we took office] because no family should have to choose between keeping the lights on and putting food on the table.
• Eliminating customs duties on building materials—to make homes more affordable and construction more accessible.
• Reducing private car licensing fees and cutting duty on vehicle parts.
• Raising the personal duty-free allowance to $300
• Slashing mobile phone taxes in half
• Slashing the base rate of land tax for all residential properties by 50%

These are real, tangible things we will be doing to cut your expenses, put more money in your pockets, and make life a little better, and easier for Bermudians. And we are doing it without raising broad-based taxes or fees, and standing firm on our commitment to fiscal responsibility.

But fairness is not just about relief—it’s about opportunity. That’s why we are increasing capital spending to fund vital projects like affordable housing, public education reforms, and infrastructure upgrades. From repaving roads to replacing The Swing Bridge, these investments are about creating jobs, strengthening our community, and building toward a Bermuda that works for everyone.

At the heart of this plan is a new chapter: the introduction of Corporate Income Tax revenue, projected to bring in $187 million. This is not about lining government coffers; it is about launching universal healthcare, expanding access to preventative care, and ensuring every Bermudian can live a healthier, more secure life.

The people of Bermuda deserve a government that listens, consults, and acts boldly. This Pre-Budget Report is your plan, your priorities, and your voice in action. Together, we are not just balancing the books—we are building a fairer Bermuda for all.

- MP Jache Adams, Junior Minister of Finance

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