Chamber of Commerce President – “We cannot build a future on nostalgia”
Photo: Chamber of Commerce President Marico Thomas.
‘Bermuda is anoher world’ is a phrase that charms – but also scares – Chamber of Commerce President Marico Thomas.
Pointing to how Bermuda is being impacted by world events, Mr Thomas told attendees at today’s sold-out Budget Breakfast , “What we want, how we go about getting it, and how we define success, have all changed.”
“We must better understand how global events, geopolitics, and shifts in technology, not only
affect our cost of living, and cost of doing business, but also our social cohesion, access to
opportunity and overall stability.”
Speaking to a packed Hamilton Princess Ballroom, Mr Thomas said the slogan of their recent AGM, ‘Fighting Together for a Stronger Economy’, is not a rallying cry for just business, or a statement of combat against the Government.
“It’s an invitation”, he said, “a declaration of belief, of intention, and of resolve. This is our fight together.”
Mr Thomas previewed the Chamber’s formal response to the Bermuda Budget 2025/26, applauding the Government for a balanced budget and the ongoing introduction of the Corporate Income Tax, while citing concern over the increase in net debt and uncertainty over debt repayment.
He also highlighted issues in the restaurant and retail sectors, even as Government may have made it easier to shop overseas.
He said, “retailers and wholesalers – who employ thousands – continue to face sustained pressure from declining volumes and tightening margins.”
“While the increase in the personal duty exemption may bring welcome relief to consumers, it also underscores the need to support local businesses navigating an already challenging environment.”
Mr Thomas also highlighted what he calls a “tax imbalance” in the restaurant sector.
“Takeout and counter-service establishments are taxed more heavily than full-service dining restaurants”, he says. “The industry would benefit from an updated and equitable classification system that reflects today’s operating model.”
Mr Thomas said the Chamber’s response to the Budget, to be released in the coming days, will also touch on immigration reform, healthcare funding, workforce development, and addressing the housing shortage.
Full comments below…
Introductory Remarks – Budget Breakfast 2025 – Marico Thomas, President, Bermuda Chamber of Commerce
This morning is the first event of the Chamber’s Calendar…, and also marks the beginning of a
repositioning for the Chamber.
That repositioning began just days ago at our AGM, where we introduced the theme…:
“Fighting Together for a Stronger Economy.” And we embraced it fully – complete with boxing
gloves and robe.
That was a fun and heartfelt moment for me, because my father, who some of you will know…,
was Bermuda’s middleweight boxing champion. Now, I never saw him fight—and there is no
way I’d ever get in that ring myself…, but I serve this community with the memory of my
parents whose small businesses were the source of income and for our family. The Chamber is
here, “Fighting Together for a Stronger Economy” to give this same opportunity to as many
other families as possible.
Our slogan is not a rallying cry for just business, nor is it a statement of combat against the
government—or anyone else.
It’s an invitation…, a declaration of belief, of intention, and of resolve. This is our fight together.
The Chamber is committed to working with anyone, and everyone focused on building a better
Bermuda. Achieving a strong economy and supporting successful employees, will require open
dialogue and a shared understanding across the entire community.
And this part…, this part needs to be heard very carefully: it’s not just Bermuda that’s
changing—it’s the world. And Bermuda is being changed by the world. We are subject now,
more than ever, to world events, which significantly impact our island economy and how we
live.
Some of us might remember the words: “Bermuda is another world.” I love the warmth and
romanticism in that phrase – but…, we cannot build our future on nostalgia. Tourism no longer
drives the economy as it once did. That was before the internet, before the explosion of global
tourism competition, and before International Business became Bermuda’s primary economic
engine.
Today, everything is different. The phrase “Bermuda is another world” still warms my heart—
but if i’m honest, it also scares me to my core.
What we want, how we go about getting it, and how we define success, have all changed. And
many of our businesses…, our families, and our neighbours are simply…, not… ready.
We must better understand how global events, geopolitics, and shifts in technology, not only
affect our cost of living, and cost of doing business, but also…, our social cohesion, access to
opportunity and overall stability.
That’s why this event—and this conversation—matters.
We, as a business community, truly value the opportunity to engage with the Honorable
Premier and Minister of Finance in this budget breakfast. In just a moment, he will deliver his
2025/26 Budget presentation and take your questions.
As we look forward to that discussion, I’d like to offer a brief overview of the Chamber’s formal
response to the budget, which will be released in the coming days.
First, there has been significant progress. The Government’s expected return to a budget
surplus—the first in 21 years—is a major milestone. The introduction of Corporate Income Tax
is also an important step toward fiscal reform and international compliance and for this, the
government should be applauded.
At the same time, there is more to understand and discuss. The increase in net debt despite
the surplus, the downward adjustment in CIT revenue forecasts, and the shift from full to
partial bond repayment all warrant further clarity.
We also echo the following concerns of our members
Retailers and wholesalers—who employ thousands—continue to face sustained pressure from
declining volumes and tightening margins. While the increase in the personal duty exemption
may bring welcome relief to consumers, it also underscores the need to support local
businesses navigating an already challenging environment. The Chamber remains concerned
about the potential impact on the variety, value, and availability of goods available on island.
In the restaurant sector, we highlight a long-standing tax imbalance—where takeout and
counter-service establishments are taxed more heavily than full-service dining restaurants.
Definitions that once served a purpose are now creating confusion and unfairness within an
industry and society that have moved on. The industry would benefit from an updated and
equitable classification system that reflects today’s operating model.
Beyond sector-specific concerns, our response will also touch on broader challenges such as
immigration reform, healthcare funding, and workforce development. All Interconnected
issues which play a role in shaping Bermuda’s economic performance and our quality of life.
Lastly, following the Chamber’s deep dive into housing at our recent AGM, we welcome the
attention the issue received in this Budget Statement. We look forward to continued dialogue
with government and community leaders across Bermuda to advance practical, collaborative
solutions to this pressing national challenge.
At the Chamber, our aim is not simply to react—but to contribute constructively to Bermuda’s
national dialogue. We do this by offering data analysis, insight, and partnership. We appreciate
the Minister’s willingness to engage—not only today, but throughout the year—and we
welcome the opportunity to ask questions and work together toward shared outcomes.
Because at the end of the day, fighting together for a stronger economy isn’t just a slogan—it’s
our commitment. One that we carry forward in every conversation, with every partner, and on
behalf of every member we represent.
