By Michael Scott, Former Member of Parliament

The PLP’s Commitment to a Fairer Bermuda 

Bermudians, like many around the world, have faced unprecedented challenges in recent years. Global inflation has driven up the cost of living in nearly every corner of the globe, and economic uncertainty has affected families, workers, and businesses alike. Yet through it all, the Progressive Labour Party (PLP) has demonstrated steady and responsible leadership, implementing policies that have made life more affordable for Bermudians while steering the country toward long-term economic stability.

The recently released Fiscal Responsibility Panel (FRP) report provides an independent assessment of Bermuda’s economic performance, and its findings underscore the strength of the PLP’s approach. While other jurisdictions grapple with inflation rates exceeding 5% or more, Bermuda’s inflation has remained significantly lower, declining to just 2.3% in 2024. This achievement didn’t happen by chance—it is the result of deliberate, thoughtful policies enacted by the PLP to reduce costs and protect families from the worst of global economic pressures.

Putting Bermudians First: Policies That Deliver Relief

Under the PLP’s leadership, we have seen a suite of policies that directly address the high cost of living. The FRP acknowledged the Government’s role in keeping inflation low through measures such as:

• Freezing Government Health Insurance Rates: For the third consecutive year, this measure has saved every insured person $540 annually.
• Reducing Payroll Taxes: 86% of workers now take home more pay, with some paying 90% less in payroll taxes than in 2017 under the OBA.
• Slashing Energy Taxes and Freezing Fuel Prices: Energy taxes were cut by 60%, shielding Bermudians from the skyrocketing costs seen elsewhere.
• Eliminating Duties on Staple Goods and Reducing the Sugar Tax: These measures provide direct relief at the grocery store for families across the island.

These policies are not just numbers on a balance sheet—they represent real relief for everyday Bermudians. Whether it’s the senior on a pension or the young professional filling their gas tank, the PLP has acted decisively to help Bermudians.

Using Resources Wisely: The Sinking Fund

The Opposition frequently criticizes the PLP’s approach toward the Sinking Fund. Let’s be clear: the Sinking Fund exists to serve the people of Bermuda, and that’s exactly what it’s doing. Using the fund to freeze the government’s standard premium rate for the third consecutive year or to support other cost-saving measures is a smart, compassionate policy designed to ease the burden on working families during tough times.

A Path Toward Fiscal Responsibility

In addition to addressing immediate cost-of-living concerns, the PLP has kept Bermuda on a path of fiscal responsibility. The FRP report highlighted this progress, stating:

“Bermuda now has a significant primary surplus. It has done well over the past few years to maintain a creditable path towards a balanced budget, despite a number of adverse shocks, most obviously the pandemic. Spending has generally been kept under control, and steady revenue growth has therefore largely fed through into deficit reduction.”

Investing in Bermuda’s Future

While maintaining fiscal discipline, the PLP has made strategic investments to build a stronger Bermuda for generations to come. Key initiatives include:

• Expanding Affordable Housing: Over 70 new units have been completed, with more than 100 in the pipeline.
• Launching Universal Healthcare: Revenue from the Corporate Income Tax is expanding access and reducing medical costs.
• Reforming Education: Signature Schools are preparing young Bermudians for success in an evolving job market.

A Clear Choice for Bermuda

As we look ahead, Bermudians face a choice: continue with the proven leadership of the PLP or return to the failed policies of the past. The Opposition offers nothing but fearmongering, recycled talking points, and schemes to open the immigration floodgates.

The PLP is not perfect, but it is clear that we are fighting every day to make Bermuda fairer and more affordable for all of us. As the FRP’s report makes clear, this Government has not only kept Bermuda on stable financial ground but has also made life better for Bermudians in the face of global challenges.

Together, let’s build a brighter future for all Bermudians.