Today, Premier and Minister of Finance the Hon. E. David Burt, JP, MP, delivered the 2025/26 Budget Statement under the theme, “Fairness in Action: Building a Bermuda that Benefits Everyone.”
At a time when countries across the globe are grappling with rising costs and economic instability, Bermuda is heading in a different direction, forward. Government revenues are up above the original estimates for 2024/25, inflation has decreased, and economic growth continues to outpace regional competitors. This success is not luck, it is the result of disciplined fiscal management and a long-term plan that is working.
Thanks to this progress, the Government has introduced a new range of targeted measures to support families and our seniors, ease financial pressures, and invest in the future of Bermuda. These include:
- Expanded prescription drug coverage from $1,000 to $3,000 for HIP and from $3,000 to $5,000 for FutureCare, helping more Bermudians afford essential medications.
- Annual medical exams for HIP and FutureCare recipients without copays.
- A further 20% reduction on duty paid on fuel brought in to generate electricity. This brings the total fuel duty reductions by this Government to 80% over the last two years, saving the average customer $300 a year.
- 50% reduction in cell phone taxes, from $12 to $6 giving immediate savings to every mobile phone user.
- Further 10% reduction in private car licensing fees.
- Reduced duty on building materials such as air conditioners, paint, tile, steel, rebar, drywall, doors, windows, and bathrooms fixtures to 10% to help lower for new homeowners and builders.
- A 50% Cut the Land Tax Base Rate to provide relief for homeowners.
- The largest investment in infrastructure since 2008 to improve roads, schools, and public facilities.
- Continued investment in education, community programs, and youth initiatives that provide alternatives to violence and gangs.
Premier Burt said, “The economic results did not occur by accident. They are a result of this Government's leadership and economic strategy. Yet these numbers mean nothing if we do not use this success to deliver a better for everyone. Working towards lower healthcare costs, lower energy bills, building more affordable housing, expanding access to preventative care and prescriptions, and making a safer Bermuda. That's what fairness in action should look like and what building a Bermuda that works for everyone is all about.”
The full 2025/26 Budget Statement can be viewed on CITV, on the Government of Bermuda YouTube Channel, or the Government of Bermuda website www.gov.bm/budget.