Free Democratic Movement Economic Policy

January 15, 2025 | 6 Comments

[Updated] 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.”

Update January 16, 4.15pm: PLP MP Zane DeSilva said, “The Free Democratic Movement’s latest set of promises raises several questions.

“Is the FDM out of touch with the fact that The Bermuda Progressive Labour Party has already slashed taxes for 86% of Bermudian workers?

“Under the PLP payroll taxes for workers were slashed to the lowest levels in Bermuda’s history ensuring that hardworking families have more money in their pockets. All local and small businesses received a reduction in taxes.

“Who are the FDM really trying to help? Could their focus be on making life even easier for the wealthy and privileged, leaving ordinary Bermudians to pick up the tab?

“Why Did the FDM Disappear After the Last Election?

“Bermudians need leadership that is present and locked in on addressing the needs of, and being a voice for the people. Leadership that disappears, goes silent and only pops up and becomes vocal during elections just isn’t good enough.

“The FDM’s Desire to Partner with the OBA

“FDM leader Marc Bean has publicly stated his willingness to align with the OBA. Not for the good of the people, but to gain political power.

“The OBA’s record is clear—policies that prioritize the wealthy at the expense of ordinary Bermudians, pathways to status to marginalize Bermudians, denying pension increases to seniors and slashing funding for our youth. Embracing the OBA, means embracing who they are and what they stand for and working with them to make all their schemes a reality

“Who Really Benefits From the FDM’s Promises?

“The FDM’s vague promises raise concerns about who would actually benefit. Their rhetoric sounds familiar—suspiciously similar to the OBA’s past promises that led to policies benefiting the privileged few, leaving the rest of Bermuda behind.

“The Choice is Clear:

“The PLP has a proven record of delivering for Bermudians—reducing taxes for those who need relief the most, expanding opportunities, with increased investment in scholarships and training and raising seniors pensions. The FDM disappears between elections, their proposals are vague, their priorities unclear, and their desire to align with the OBA is a major red flag

“Let’s not gamble with Bermuda’s future. Stand with the PLP to ensure we continue building a fairer Bermuda for all of us.”

The FDM Economic Policy follows below [PDF here]:

click here Bermuda 2025 Election

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Comments (6)

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  1. Unbelievable says:

    I wouldn’t ever vote for the FDM simply because of Marc Bean’s incredibly deplorable behavior when he was PLP leader as Opposition.

  2. Anbu says:

    Mark is actually the kind of leader we need. His explosive temper may cause issues though.

  3. Joe Bloggs says:

    “selling unused government properties to generate approximately $100 million over five years”

    Please clarify whether the sale of Government properties will be restricted to Bermudians or whether more of Bermuda will be sold to foreigners

    “Hold 80% of realized Corporate Income Tax [CIT] revenue in a dedicated account for five years, using it exclusively for debt retirement.”

    No disagreement here, but I doubt that Bermuda will see any Corporate Income Tax for many years to come.

    • Hilarious says:

      Good points. I suspect Burt has already spent in his mind 125% of the CIT.

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