Ahead of tomorrow’s Throne Speech presentation, the Bermuda Chamber of Commerce has issued a wish list highlighting nine core areas to boost the economy.
Bermuda Chamber of Commerce headquartered on Front Street (pictured) in Hamilton Bermuda. Credit: Bermuda Broadcasting Company
Ahead of Friday’s Throne Speech presentation, the Bermuda Chamber of Commerce has issued a wish list.
The Chamber highlighted nine core areas to boost the economy.
Expanding the resident population, developing a sustainable housing supply and a strategy for the publicly funded Morgan’s Point property will be among the Chamber’s priorities as they evaluate Friday’s throne speech during the convening of parliament and subsequent pre-budget reports.
Plus, they said they aim to examine proposed solutions to the economic challenges posed by an aging population.
The Morgan’s Point site is expected to be turned into a residential, shopping and restaurant complex estimated to cost $130 million – and the Chamber would like to see tangible signs of progress.
The Chamber also points to the number of jobs held by those over 55 years of age and what this means for our overall workforce.
On the topic of jobs, Chamber President Marico Thomas said, “we continue to make the case that for a thriving retail sector, that provides jobs and and goods for consumers, a change in duty rates for bricks and mortar retail operations must be given strong consideration.”
The Chamber says total retail employee numbers have not grown from 2019 levels, which reflects a reduced consumer base.
Retailers, the Chamber says, will want government to revisit the effectiveness of the sugar tax. Mr. Thomas believes the view is, “this tax is having a compounding impact on food prices and cost of food at this time. “
On housing, Chamber welcomes the recent changes to the Bermudiana Beach Resort into 94 residential units, while noting the project is as an example of publicly funded development.
The government estimates rental value for the studio, 1, 2 and 3 bedroom units will range from $3,000 to $7,000 per month. Some units will also be reserved for affordable housing clients registered with the Bermuda Housing Corporation.
The Chamber awaits a clear pricing strategy for the units, to ensure the rental prices being sought do not have an additional inflationary price impact to the local market.
The announcement of the tabling of the Landlord Tenant Act in 2022 to increase legislative protections for both parties to support longer economic growth will also be on their radar.
There will also be interest in the implementation of the 15% Corporate Income Tax on multinational companies with expected revenues of more than 750 million euros or over $800 million annually. The tax, coming into effect in January, could see millions of additional revenue flowing into government coffers.
The chamber also seeks clarity on the potential costs and benefits the island stands to gain by becoming a full member of CARICOM, as announced in last year’s Throne Speech. The Chamber said there has been little provided to the public and businesses on how Bermuda would fit within the regional market.
Friday’s speech from the throne will be read by Governor Rena Lalgie at the Cabinet Office grounds in Hamilton.
