Junior Finance Minister Jache Adams counters Opposition criticism, highlighting economic progress and dismissing claims from OBA Senator as “misleading”

Junior Finance Minister Jache Adams has defended the Government’s economic performance following criticism from the Opposition over the Pre-Budget Report for the next fiscal year.

In a recent statement, One Bermuda Alliance Senator Douglas De Couto described a “vivid contrast” between the report and the everyday experiences of most Bermudians, stating that 90 percent of GDP growth over the past four years was driven by international business and financial services.

 “For our local economy (excluding IB & financial services), GDP has barely budged since 2019,” Senator De Couto wrote. “And unfortunately that’s what the average Bermudian is feeling today in their pockets every day.”

However, Mr. Adams countered, emphasizing that the data speaks for itself. “The facts are the facts,” he said. “The reality is that Government has long accepted that we’ve made tremendous progress, and we’re proud of the progress we’ve made. But we also recognize there are still steps to be taken.”

Mr. Adams declined to engage in a “political battle” or “rebuttal” with Senator De Couto, reiterating that the economic data demonstrates growth across 14 of Bermuda’s 19 mass sectors. “I don’t think we should be in a position where we’re apologizing or feeling guilty that two of our widely recognized economic pillars are thriving, and it is under this Government,” he said. He attributed growth in international business to “sound economic stability, sound fiscal policy, and a promising future,” which he described as criteria his Government has successfully delivered.

Mr. Adams also emphasized the progress of the Government’s economic diversification initiatives, which he said are being recognized by independent sources.

Senator De Couto, meanwhile, raised concerns about other economic indicators, such as declines in container volume and enrolment at Bermuda College. He referred to these as “severely troubling indicators of a flat or shrinking local economy that the Government is pretending not to notice.”

Mr. Adams rejected these claims as “misleading,” citing the Fiscal Responsibility Panel’s positive evaluation of the Government’s economic policies. “The Fiscal Responsibility Panel credited and commended this Government on its economic diversification initiatives and said they were beginning to bear fruit,” he said. “This is an example of the Government planting the seeds of economic diversification and independent sources are recognizing that they are beginning to bear fruit.”

Acknowledging the financial challenges facing many Bermudians, Mr. Adams outlined measures aimed at easing the burden on residents. “I recognize what some of our people are going through. These are difficult times so, I don’t want to diminish that perspective,” he said. “But I am also appreciative that many Bermudians—86 percent of the workforce—have seen a reduction in payroll tax.”

He noted additional measures, including increased land taxes on high-value properties, with no increases for lower-value homes, as well as expanded child day care allowances and enhanced benefits for those on financial assistance.

“In this Pre-Budget Report, we announced that there will be no new taxes, nor will there be an increase to taxes,” he said. “These are great examples of the Government recognizing the condition we are in and aiming to provide relief for our people while doing so in a fiscal, responsible manner.”