Column: Bell On Budget, Bermuda & More
[Opinion column written by PLP Senator Lauren Hayward Bell]
Following its passage in the Senate on Thursday, March 26, Bermuda’s 2026/27 Budget now moves from debate to delivery.
Bermuda’s latest Budget arrives at a time of global uncertainty including rising costs, shifting markets, and ongoing economic pressures. Against that backdrop, the most important question is simple: is Bermuda moving forward?
The answer, based on both economic data and real-world outcomes, is yes.
Our economy continues to grow steadily, with GDP projected to expand between 2.5 and 2.7 per cent in 2025. Employment is rising, key industries remain strong, and the Island has surpassed pre-pandemic economic levels. This progress is not accidental. It reflects disciplined fiscal management and careful planning during a period of global instability.
That discipline is evident in the Government’s fiscal position. Bermuda is projecting a $472.7 million surplus in 2026/27, following consecutive improvements in prior years. At the same time, the Government is on track to repay $605 million in debt by 2027, reducing long-term financial burdens and strengthening the country’s balance sheet.
Importantly, new revenue streams, particularly Corporate Income Tax, are being managed responsibly. Rather than being treated as a windfall, these funds are being directed toward debt reduction, reserves, and targeted investments that support long-term stability. This approach ensures that today’s progress does not become tomorrow’s risk.
But economic strength is only meaningful if it translates into real improvements in people’s lives. This Budget places that principle at its centre.
Housing remains one of Bermuda’s most urgent challenges. To address this, the Government has significantly expanded investment in both housing policy and delivery. The Ministry of Housing and Municipalities has been allocated $8.2 million in operating funding and a $32.9 million capital programme, a 43 per cent increase.
This investment supports the development of new housing, the refurbishment of existing units, and the adoption of modern construction methods such as modular and precast systems, which allow homes to be built more quickly and cost-effectively. Multiple housing sites have been identified, with initial projects already moving forward, supported by up to $90 million in financing guarantees.
These measures are designed not just to increase supply, but to restore balance to a housing market that has placed growing strain on families, young people, and seniors.
Healthcare is another central priority. The Ministry of Health has been allocated $302.5 million, a 23 per cent increase, to stabilise the system and expand access. This includes $55 million to support hospital services, ensuring continuity of care and stability for frontline staff.
At the same time, $14 million will expand access to healthcare through programmes like HIP and FutureCare, including free annual check-ups, expanded prescription coverage, and more affordable primary care visits.
The Budget also advances long-term reform through continued investment in Universal Health Coverage, with a target of providing access to core health benefits for all residents by 2026. Importantly, these reforms are being approached carefully, recognising that sustainable change requires planning, sequencing, and financial responsibility.
Support for seniors is also being strengthened, with $15 million allocated to subsidise FutureCare premiums for approximately 2,200 low-income seniors. This represents a meaningful step toward reducing financial pressures on those living on fixed incomes.
Beyond these areas, the Budget invests in economic development and workforce growth. The Ministry of Economy and Labour has been allocated $29.1 million to support small businesses, attract investment, and strengthen workforce training. These investments recognise that long-term economic success depends not only on growth, but on ensuring Bermudians are prepared to participate in that growth.
Taken together, this Budget reflects a clear approach: maintain fiscal discipline, invest where it matters, and build a more resilient economy.
There will always be challenges; rising costs, housing pressures, and global uncertainty are realities that no government can ignore. But the role of policy is not to eliminate challenges entirely; it is to respond to them thoughtfully and effectively.
This Budget does that.
It strengthens Bermuda’s finances. It invests in people. And it positions the Island to move forward with confidence.
In uncertain times, stability matters. But so does direction.
This Budget delivers both.
- Senator Lauren Hayward Bell, Junior Minister of Economy & Labour
Read More About
Category: All
