Free Democratic Movement Economic Policy
Implementing 100% of Auditor General recommendations to improve fiscal discipline, selling unused government properties to generate approximately $100 million over five years and replacing the Bermuda Tourism Authority [BTA] with a privately funded Tourism Stakeholders Council are some of the policy ideas suggested by the Free Democratic Movement [FDM].
Their Economic Policy also stated, “Hold 80% of realized Corporate Income Tax [CIT] revenue in a dedicated account for five years, using it exclusively for debt retirement. This approach allows for insight into how the tax operates and ensures prudent budgeting, by accounting for technicalities like deferred tax assets.”
One of the FDM’s ‘medium term’ goals would be to “promote the development and export of Bermudian-produced products, such as alcohol, honey, spices, and other goods, by tying them to Bermuda’s tourism identity and refunding duties on raw materials used in their production,” and one of their long-term goals would be to “transition 50% of publicly funded entities to performance-based funding, tying resource allocation to measurable outcomes.”
The FDM Economic Policy follows below [PDF here]:
