Minister of Justice & AG | Constituency #23, Paget West | Senator
Good afternoon, Bermuda! 🇧🇲
Today, I address a critical component of our Progressive Labour Party’s (PLP) vision: strengthening free market competition through robust anti-monopoly legislation. Our goal is to create an economic environment where fairness prevails, innovation thrives, and all Bermudians benefit from a dynamic marketplace. 💼
🔍 Current Challenges:
Bermuda’s economic framework currently lacks specific antitrust regulations governing business combinations. This absence creates the potential for conditions that could stifle innovation and place undue financial burdens on our citizens. ⚖️
📈 PLP’s Commitment: Introducing Comprehensive Anti-Monopoly Legislation
Key Components of Our Plan:
- 🏢 Establishing a Regulatory and Competition Authority: We will create an empowered body responsible for overseeing market practices, ensuring transparency, and enforcing fair competition standards.
- 📜 Implementing Clear Guidelines: Our legislation will define explicit criteria for mergers and acquisitions, preventing the formation of monopolies and promoting a diverse business landscape.
- 🛡️ Protecting Consumer Interests: By fostering competition, we aim to enhance product quality, encourage innovation, and ensure fair pricing, directly benefiting consumers.
We will draw insights from successful antitrust frameworks worldwide, adapting them to Bermuda’s unique context. This approach ensures that our policies are both effective and tailored to our specific economic environment. 🌐
💡 Conclusion:
Our commitment to strengthening free market competition through anti-monopoly legislation is a testament to our dedication to economic fairness and prosperity for all Bermudians. By fostering a competitive marketplace, we pave the way for innovation, fair pricing, and a thriving economy that serves everyone. 🌟
Your PLP team is committed to building a fairer Bermuda by easing the burden placed on you and saving you money. That’s why we need competition. 🤝
Thank you. 🙏