Chamber Replies To 2025 Throne Speech
The Bermuda Chamber of Commerce has replied to today’s [March 14] 2025 Throne Speech, saying “several initiatives outlined in the speech align with our long-standing priorities, yet we remain cautious about measures that could inadvertently hinder business growth and economic recovery.”
A spokesperson said, “The Bermuda Chamber of Commerce welcomes the opportunity to respond to the March 2025 Throne Speech. The Chamber recently released a list of actions and proposals that are intended as mutually beneficial for the betterment of Bermuda, along with some limited economic highlights. We acknowledge the Government’s stated commitment to building a fairer and more inclusive Bermuda, and we share the goal of ensuring an economy where all Bermudians can thrive, as outlined in our recent paper ‘Heads or Tails.’
“Several initiatives outlined in the speech align with our long-standing priorities, yet we remain cautious about measures that could inadvertently hinder business growth and economic recovery. Below, we outline our perspective on key elements of the speech.
“Recognized Government Accomplishments in the Past Year
“The Chamber recognizes and applauds several key accomplishments by the Government over the past year, which have contributed to economic resilience and business sustainability:
- Growth in International Business: There has been a notable increase in employment income and overall economic contribution from international business, supporting Bermuda’s GDP.
- Tourism Recovery Efforts: Despite challenges in air arrivals and hotel closures, there have been improvements in visitor spending, the development of tourism properties and planned upgrades to existing hotels.
- Reduction in Fuel Duties for Power Production: The Government implemented a reduction in fuel duties from $0.20 per litre to $0.08 per litre in August 2024, providing relief for both businesses and households.
“What We Appreciate About the Throne Speech
“The Chamber commends the Government for its emphasis on several critical areas, including:
- Economic Stability & Growth: We support the Government’s recognition of the need for a stable and resilient economy, including commitments to responsible fiscal management and economic diversification.
- Workforce Development & Job Creation: The focus on upskilling Bermudians and fostering new employment opportunities is a welcome step in strengthening the local labor market.
- Support for Entrepreneurship: The Chamber appreciates the commitment to fostering entrepreneurship by cutting red tape and implementing a one-stop shop for business registration.
- Tourism Expansion: The extension of the Tourism Investment Act to include smaller guest houses is a welcomed move, as it encourages local investment, job creation, and broader economic benefits.
- Affordable Housing Initiatives: Addressing Bermuda’s high cost of living through housing affordability measures aligns with the Chamber’s advocacy for sustainable development.
- Public-Private Partnerships [PPPs]: We appreciate the acknowledgment of the private sector’s role in driving investment and innovation, particularly in tourism, fintech, and renewable energy.
- Technology & Innovation: Encouraging new industries and supporting technological advancement will be key to maintaining Bermuda’s competitive edge in the global economy.
“Matters for Consideration
“While the Throne Speech outlines many positive steps, the Chamber identifies several areas that require further discussion and clarity:
- Taxation & Business Costs: The potential for increased taxation and regulatory costs could impact business confidence and investment. A balanced tax framework is necessary to maintain Bermuda’s competitiveness.
- Regulatory Overreach: Expanding the Cost of Living Commission’s investigatory powers and introducing fair pricing controls risk adding compliance costs and squeezing profit margins for businesses already facing global inflationary pressures.
- Regulatory Authority Mandate: The broadened Regulatory Authority’s role in overseeing market concentration and pricing in both regulated and unregulated sectors may stifle business flexibility and innovation, particularly for larger firms contributing to Bermuda’s economic stability.
- Sovereign Wealth Fund Timing: While a corporate income tax could strengthen Bermuda’s fiscal position, the introduction of a Sovereign Wealth Fund appears premature, given the stated priorities of debt repayment and infrastructure investment.
- Economic Data & Transparency: Reliable, comprehensive economic data is crucial for assessing the real impact of policies. The Chamber urges the Government to ensure that economic strategy is supported by clear metrics and timelines to track progress effectively.
“Opportunities for Collaboration
“The Bermuda Chamber of Commerce believes that meaningful economic progress can only be achieved through collaborative engagement between the public and private sectors. We remain open to ongoing discussions with the Government to:
- Work jointly on economic policy initiatives that foster business growth, job creation, and investment confidence.
- Provide real-time industry insights to support evidence-based policy decisions.
- Strengthen partnerships in workforce development to ensure Bermudians are well-equipped for emerging job opportunities.
- Engage in dialogue on tax reform and regulatory adjustments that balance economic sustainability with social equity.
- Ensure economic reporting transparency to validate the effectiveness of policies and maintain business and investor confidence.
“The Chamber stands ready to engage with the Government to support the Throne Speech’s promises and deliver meaningful outcomes. We applaud efforts to bolster entrepreneurship, tourism, and infrastructure but urge caution on regulatory measures that could deter investment or burden businesses already navigating a challenging recovery. We also reiterate our call for timely economic reporting to validate these policies’ impact – a prerequisite for building trust and ensuring Bermuda’s economy works for all.
“We look forward to engaging with the Government and stakeholders in the coming months to refine these initiatives, balancing consumer protections with a thriving business environment. Together, we can build a stronger, more resilient Bermuda.”
