Senator John Wight (IND) was responding to the Government’s 2025 Throne Speech pledges during the Senate session.
Independent Senator John Wight has given the Government ‘high marks’ for their support of a thriving International Business sector.
However, he lamented the lack of policies outlined to encourage growth in the domestic economy which he said has been lacking for many years.
Mr. Wight flagged problems with the government’s proposal to increased the powers of the cost of living commission to inspect the finances of local businesses.
He said, “What I don’t understand however,, for example the government would want to expand the powers of the Cost-of-Living Commission to examine the books and records of food and essential goods companies.
“Widely want to penalise those businesses, in this example, the two largest food retailers for continuing to invest in Bermuda and Bermudians when so many others have chosen not to.
“I find the logic counterintuitive to the outcomes of increasing the competitive local business market that we’re trying to achieve.”
The Government’s Throne Speech contains a promise to amend the Cost of Living Commission Act 1974 to expand the investigatory powers of the Cost of Living Commission to examine the books and records of all businesses involved in the supply of good and other essential goods.
It said, “For far too long business has profited at the expense of everyday Bermudians and the sunshine of public scrutiny cannot just apply to the Government, it must also apply to those on whom Bermudians rely to purchase the goods to sustain themselves.”
Due to technical delays, the streaming of the Senate session this morning started late, at 10.40am, picking up where the Opposition Senator Leader Marcus Jones was presenting his party’s response to the 2025 Throne Speech.
Senator Wight also was supportive of the Government’s pledge to introduce an independent Education Authority to improve the public education system.
He shares the same goals of a ‘truly independent’ authority to make tough decisions to hold those in positions of authority to account and ensures education is ‘not politicised.’
During his brief remarks presented in the Senate, Sen. Wight further called for the government to increase working class workers by encouraging more Bermudians to become employed in the sector or hire visitors on work permits.
The ratio of those working and not working in Bermuda, he said, is ‘dangerously low’ population size which he claimed will only ‘get worse’ unless something is done about it.
He encouraged proactive plans to address an ‘overheated housing market’, affordable housing, issues with mental health services, the urgent medical issues at the hospital and long term care for the elderly.
Addressing a proposed Sovereign Wealth Fund, Senator Wight said, “I was pleased to see a reference in the Throne Speech to using funds, when received, from the new tax regime to paying down the debt.
“This, is in my view, needs to be the number one priority.
“I am not, however, supportive of Government’s initiative to create a Sovereign Wealth Fund.
“Sovereign Wealth Funds are typically established by large countries who have surpluses of oil and gas economies -we have neither.”
Senator Wight argued that if the country is fortunate enough to received surplus funds from new Corporate Income Tax, paying down the debt, reducing government’s large unfunded patient plan liabilities and increasing funding to the hospital should be prioritised over creating a government wealth fund.
He added that a there was no mention of strong governance which he said should have been included in the Throne Speech.
Senator Wight called good governance integral to managing public funds and critical to maintaining the trust of citizens.
