Shadow Home Affairs Minister Michael Fahy told BBC the opposition has already tabled solutions to bring down the high cost of living
Michael Fahy, Shadow MP for Home Affairs, One Bermuda Alliance.
Shadow Home Affairs Minister Michael Fahy has criticised the government’s Cost of Living Summit calling evidence that their out of ideas.
Alexa Lightbourne, the Minister of Home Affairs this week announced a Cost of Living Summit will be held on Tuesday, June 25th bringing together industry stakeholders to come up with solutions to Bermuda’s high cost of living.
Following the results of a Cost of Living survey, Minister Lightbourne told the House of Assembly on Friday, “The findings reveal that nearly 70% of residents report moderate to extreme financial strain, with housing and groceries emerging as the most unaffordable necessities.
“Businesses, on the other hand, point to labour costs, regulatory fees, energy costs and high rents as key barriers to affordability.
“While some relief measures are already in place as an extension of the recent 2025 Budget
cuts led by this Government, there is a clear call from both the public for broader and more targeted interventions, including expanded tax relief, enhanced landlord-tenant protections, subsidies for essentials, and greater regulatory streamlining.”
MP Fahy however, contends that we already have the answers to the problems and the government simply, needs to get on with it – enticing more job creators to the island.
Ms. Lightbourne stated, “The Summit will bring together key stakeholders, including industry leaders, government agencies, consumer advocates, and members of the public.
“It will serve as a key milestone in our national affordability agenda, providing a platform to present findings, validate solutions, and secure formal commitments to action. The expected outcomes of the Summit include the publication of a comprehensive report outlining policy recommendations, sector-specific commitments, and immediate next steps for implementation.
“In the third quarter, the Ministry will present proposed legislative and regulatory amendments and will launch communications efforts to ensure continued transparency as we advance this critical work.”
The country’s first Cost of Living Summit will be held at the Hamilton Princess & Beach Club on Tuesday, June 25th starting at 8am.
