Mr. Speaker,
In our recent Throne Speech, the Bermuda Government firmly took another step forward in our mission to ease the burden of rising costs in Bermuda.
For too long, Bermudians have shouldered the weight of increasing prices—on food, housing, electricity, and everyday essentials. These costs have made it harder for families to make ends meet, and harder still for seniors to live with dignity and security in their later years.
The 2025 Throne Speech reaffirms this Government’s bold and people-centred vision—one that responds to the everyday realities of our people and puts them first.
Mr. Speaker, this vision includes:
•Supporting Bermudians at every stage of life;
•Expanding access to affordable housing;
•Transforming healthcare to make it more accessible and affordable; and
•Lowering the cost of living by taking direct, coordinated action on the cost of food, energy, and essential goods.
Mr. Speaker,
In keeping with the commitments laid out in the 2025 Speech from the Throne, I rise today to update this Honourable House on two critical initiatives aimed at addressing one of Bermuda’s most pressing challenges—the cost of living.
Mr. Speaker,
We are all acutely aware that the rising cost of living continues to strain household budgets and impact the economic resilience of our families, our seniors, and our businesses.
This Government, through the newly constituted Ministry of Home Affairs, has been tasked with the singular and focused mission to confront this challenge head-on.
Today, I am pleased to announce that the Ministry will convene a Cost-of-Living Summit. This Summit will be the first of its kind—bringing together representatives from across Government, industry, labour, and the community to examine the systemic drivers of Bermuda’s high costs, and to chart a course toward measurable, sustainable relief for our people.
Mr. Speaker,
In preparation for this Summit, the Ministry is undertaking a two-fold national engagement exercise: a Public Survey and Stakeholder Consultations. These engagements—already underway—are designed to capture a wide range of insights:
•From the public: real-world experiences of affordability pressures, perceptions of government relief efforts, and public appetite for new measures;
•From the private sector: detailed perspectives on supply chain constraints, cost pass-throughs, wage pressures, and incentives that might support cost reduction.
These data-driven consultations will not only inform the agenda for the Summit but will also form the backbone of a comprehensive Cost of Living Report to be tabled following the event. This report will assess the effectiveness of current initiatives, identify gaps, and provide concrete, actionable recommendations for Cabinet consideration—including potential amendments to the Regulatory Authority Act to extend oversight powers across both regulated and unregulated markets.
Mr. Speaker,
Let me be clear: we do not underestimate the complexity of this task. But through rigorous analysis, broad engagement, and decisive policy leadership, this Government is committed to delivering results. The upcoming Summit will represent both a culmination and a beginning—a culmination of listening, analysis, and preparation, and a beginning of targeted, evidence-based action.
Mr. Speaker,
The people of Bermuda deserve to see progress on this issue—not just promises. They deserve transparency, urgency, and real change. The Ministry of Home Affairs is determined to deliver on that promise. We look forward to working in partnership with all stakeholders to deliver a more affordable Bermuda for all.
Thank you, Mr. Speaker.