To stimulate economic growth, attract investment to Bermuda and to ensure that wealth is created for Bermudians who have not benefited from the economic miracle that is Bermuda due to systemic racism, the next PLP Government will:
- Create a Bermuda National Digital Bank owned by Bermudians, while reforming banking laws to increase banking competition in Bermuda and regulation of the Bermuda base lending rate.
- Pass a Family Office Act, attracting economic investment into Bermuda in the form of family offices while providing immigration incentives tied to investments in Bermuda. These investments must be in the form of Government Bonds, an Innovation Fund to support new Bermuda Entrepreneurs, or directly into the new Bermuda Trust Fund.
- Create a national fund called the Bermuda Trust Fund that will provide financial reparations to economically disadvantaged Bermudians to reduce generational income inequality. This fund will be seeded by economic investors in Bermuda who can invest directly into the Bermuda Trust Fund.
- The pension commission will assist in providing more on-Island investment options making it easier for workers to voluntarily invest their funds in approved economic development activities in Bermuda, building wealth for them and future generations. The PLP wants to build an ownership society in Bermuda and this policy will create more owners in Bermuda, giving more Bermudians a stake in our collective economic success.
- We will put the ownership of our airport back in Bermudian hands, giving Bermudians the ability to earn the 16% return given to Aecon by the former OBA Government.
- Diversify our business outreach, seeking new trading partners in the Caribbean and Africa, developing business ties and courting investment.
- Use the provisions of Section 6A of the Human Rights Act to ensure that new economic development initiatives assist “disadvantaged persons or groups”, specifically persons of African descent, women, and the differently abled.