Last year, finance minister Rachel Reeves criticised regulators for being “a boot on the neck of businesses”
International News via Reuters:
Britain’s government on Friday appointed a former regulator and current Barclays executive, Katharine Braddick, as the Bank of England’s next deputy governor for prudential regulation to try to boost sluggish economic growth.
Last year, finance minister Rachel Reeves criticised regulators for being “a boot on the neck of businesses”, raising concerns at the Bank of England, whose governor, Andrew Bailey, has said the lessons of the 2008 global financial crisis risk being forgotten.
Braddick worked at Britain’s Financial Services Authority and the Bank of England as a bank regulator before joining the finance ministry and then moving to Barclays in 2022, where she is group head of strategic policy.
EXPERIENCED, PRO-BUSINESS LEADER, SAYS REEVES
“Katharine Braddick is an accomplished pro-business leader with the experience to keep our financial system safe while backing the investment and lending that drives growth,” Reeves said in a statement.
She added that Braddick “understands the City and regulation, and will help ensure the UK remains one of the best places in the world to do business”.
Braddick will take up the post on July 1 from Sam Woods, and will serve a five-year term.
Her appointment was welcomed by the City of London Corporation, the municipal body for London’s financial district, which typically champions the sector’s interests.
“At a time of significant regulatory reform and global competition, it’s crucial we have someone with her depth of knowledge and expertise in the role,” the Corporation’s policy chairman, Chris Hayward, said.
The BoE said that to manage any perceived conflict of interest, Braddick would immediately stop work for Barclays and that the bank would pay Braddick the deferred portion of her bonus straightaway.
Braddick would be barred from being “involved in any supervisory or enforcement decisions in relation to Barclays” for the first six months of her job, David Roberts, the chair of the BoE’s supervisory board, said in a letter to the chair of parliament’s Treasury Committee.
Due to Barclays’ central role in Britain’s financial system, it was not practical for Braddick to be recused for any longer, he added.
In 2017, the committee was critical of newly appointed deputy governor Charlotte Hogg for failing to be transparent about her brother’s work on Barclays’ strategy team, ultimately convincing her to step down.
Reporting by David Milliken and William James; editing by Barbara Lewis
In its Reply to the Budget, the Opposition says the PLP Government’s failure to make meaningful progress has squeezed Bermudians’ wallets and disturbed their peace of mind
Temporary Band-Aids for short-term political wins.
This is how the Opposition today framed Government’s financial plans, in its formal Reply to the Budget. (SCROLL down for full reply, HIGHLIGHTS above)
The One Bermuda Alliance has warned that Bermuda’s improving revenue outlook masks deeper economic weaknesses.
Shadow Finance Minister Dr. Douglas De Couto said the introduction of Corporate Income Tax (CIT) has significantly boosted government projections, with $753 million expected in the next fiscal year — roughly one-third of total revenue. However, he cautioned that the island has become heavily dependent on a small group of international insurance companies, leaving public finances vulnerable to global market shifts.
Without the windfall provided by the Corporate Income Tax, the PLP Government’s performance would have driven Bermuda into a “massive fiscal crisis, once again,” the OBA argues.
Dr. De Couto claims that under the PLP Government, the economy shrank and then flatlined: “It gives me no pleasure to say that since the last Budget, very little progress has been made. “After years of financial strain under the PLP Government, years marked by rising debt, mounting pressures on families, and declining trust, the introduction of the Corporate Income Tax allows Bermuda to course-correct, to stabilize Bermuda’s financial foundations, and support Bermudians in need.
“The CIT presents the chance to stimulate real growth in our economy, and to finally create new opportunities for Bermudians to enjoy the quality of life they desire and deserve.”
Opportunity, however, does not equal execution, the OBA argues.
The success of the PLP Government’s Budget must be measured by results delivered for our people, not just abstract numbers: “For many Bermudians, their struggles have not eased, despite the years of headlines and promises. Payroll tax reductions, electricity relief, and other measures provide temporary relief but do not create a sustainable economy.
“… Most Bermudians have heard very little of what the Premier has referred to as ‘quiet but meaningful progress’. Whatever progress that may be, it is too little, too late. Bermudians need real change, and real progress.”
Dr. De Couto said an OBA government would target support where it is most needed, protect our revenue base, create growth and opportunities, and build long-term stability – “instead of chasing short-term political applause”.
Fleshing out his criticism of the PLP’s handling of the economy, Dr. De Couto said GDP remained flat until Covid in 2019, and has barely recovered since.
“Local GDP has grown only 4.1% since 2017, an average of 0.6% per year. Payroll tax reductions, electricity relief, and other measures provide temporary relief but do not create a sustainable economy.
“In contrast, International Business has grown 30% over the same period, or 3.8% per year – over six and a half times as much.”
On the issue of jobs, the Opposition points to a decline in Bermudian employment and continued population shrinkage, warning that fewer workers mean higher per-person costs for healthcare and pensions.
The Shadow Finance Minister cited the latest Employment Briefs data, which showed that through the end of 2024:
There are 208 fewer jobs than in 2017;
There are 1,436 fewer jobs for Bermudians and their spouses than in 2017, a decline of 5.6%;
And, while jobs in International Business have grown by 1,040 since 2017, there has been a loss of 1,248 non-IB jobs.
“What does that mean for Bermudians who aren’t on the IB train? Fewer opportunities, fewer pathways, and a diminishing role in their own economy … The One Bermuda Alliance applauds and welcomes IB’s success, but Bermuda cannot be sustained by one sector alone.”
Given Bermuda’s “over-reliance” on International Business, Dr. De Couto argues, we must diversify where we can, including regrowing tourism.
He cited data that “raises serious concerns”.
In 2025:
Total vacation and business visitors remain 17% below 2019 levels and 11% below 2024;
Total air arrivals remain 30% below 2019 and 3.4% below 2024;
Airline load factors, or the number of seats filled is only at 68% of 535,400 total seats, versus 75% of 580,000 seats in 2019.
Bermuda “used to have more planes with more passengers,” Dr. De Couto said, adding: “Under this PLP Government, tourism has flatlined with far lower numbers than before Covid.
“We are hopeful that the Fairmont Southampton will eventually re-open, and look forward to the new Loren at Elbow Beach. But these projects are largely driven by investors already in Bermuda, some of whom came here under the OBA.
“What is the PLP doing to bring new investors to our shores? In over eight years, this PLP Government has failed to bring any new hotel investors to our shores.
This is not diversification. This is stagnation.”
While acknowledging lower inflation in recent months, Dr. De Couto said cumulative price increases since 2018 have outpaced wage growth for many workers, eroding purchasing power. Bermuda also remains ranked among the world’s most expensive places to live.
Harking back to the economy’s reliance on International Business. Dr. De Couto said: “The Government must no longer sit by as spectators to the IB economy, content to skim the cream off the top, while the rest of the economy stagnates.”
The OBA is proposing strict fiscal guardrails for managing CIT revenue, including legislating a stability fund, capping spending growth, and prioritizing debt reduction.
Budgets are about more than numbers, Dr. De Couto says. “They are about whether families can build a life here, whether seniors can age with dignity. Whether young Bermudians see real opportunity, or more empty promises.
“It’s time for transparency. It’s time for responsibility, and it’s time for this PLP Government to be accountable to all Bermudians.”P Government to be accountable to all Bermudians.”
The Bermuda Volleyball Association is set for a major international showcase as it dispatches six junior teams to the prestigious Nike Boston National Qualifier. The tournament, held at the Boston Convention and Exhibition Center, spans the next two weekends, with the first wave of action spiking off today, Friday, February 27th.
The opening weekend features four squads from the island. Under the banner of the Paradise Hitters Volleyball Club, Bermuda is represented in the 13 and Under and 15 and Under girls’ divisions. On the boys’ side, the Big Wave Riders compete in the 15 and Under and 16 and Under brackets.
For the Paradise Hitters Under-13 squad, the trip is a critical barometer of their development. Led by Head Coach Kamryn Martins, the team features athletes as young as 11. “This is an opportunity to test their development in a higher-level environment,” said Martins.
Meanwhile, the Under-15 Paradise Hitters arrive in Massachusetts with significant momentum following a top-five finish at the Florida Holiday Challenge in December. Head Coach Sean Tucker believes the group is primed to showcase their refined skills on the national stage.
The following weekend, starting March 6th, the elder athletes take their turn. Paradise Hitters will field an Under-17 team—fresh from a local Winter League final victory—while the Big Wave Riders will send an Under-18 boys’ squad.
U17 Head Coach Mike Gazzard highlighted the squad’s motivation for their final travel event of the year, emphasizing their drive to “represent Bermuda with pride” against top-tier opposition.
Jake Brislane and his Tonbridge Athletic Club teammates produced a tactical masterclass to secure the English National Cross Country Championships in Sedgefield, County Durham. Competing against a formidable field representing sixty-eight different clubs, Tonbridge overcame the odds to lift the title in a race defined by endurance and grit.
Defending champions Bristol and West AC entered as overwhelming favourites, and early on, it looked as though they would cruise to victory. After the first of three laps, Bristol held a commanding lead of 130 points to Tonbridge’s 190.
The tide turned dramatically during the second lap of the 12km course. James Kingston spearheaded the resurgence, while Tee Higgins—fresh off a bronze medal at the UK Indoor Championships—climbed from 12th place to finish an incredible 5th overall in 38:34.
The victory was anchored by perfectly paced runs across the scoring six:
Alex Howard: 16th (39:25)
Jamie Macdonald: 30th (39:54)
Jake Brislane: 33rd (40:04)
Ben Cole: 38th (40:11)
Tonbridge finished with 124 points, comfortably eclipsing Bristol’s 159. The historic win saw the club lead a top five that included northern powerhouses Salford, Leeds, and Newark.
Bermuda’s junior Davis Cup stars have secured a vital victory in Guatemala City, overcoming a stubborn Jamaica side 2–1 in their Under-16 classification play-off. After a series of testing group fixtures on the red clay, the young Gombey Warriors showed immense mental fortitude to clinch the tie and advance to the 13th and 14th place play-off.
The tie ignited with a grueling three-set battle in the opening singles rubber. Jaden Jones provided the perfect start, claiming a tight first set 6-4 before Laksh Khemani roared back to take the second 7-5. With the match on the line, Jones rediscovered his clinical edge in the decider, outlasting his opponent 10-5 in the tie-break to hand Bermuda the lead.
The second singles match was a showcase of fine margins as Michael Collins faced Michael Nickle. In a mirror image of the opener, Nickle took the first 6-4 before Collins fought back with a 6-4 win of his own. However, Nickle held his nerve in the third, claiming a 10-7 victory to level the tie at one apiece.
With the pressure at its peak, the pairing of Collins and Jones took to the court for the winner-takes-all doubles rubber. Facing Matthew Heavan and Nickle, the Bermudian duo delivered their most clinical performance of the tournament. Demonstrating exceptional chemistry at the net, they swept aside their opponents 6-0, 6-3.
The victory ensures Bermuda will compete for 13th place in their final classification match as they look to end their Guatemalan campaign on a high note.
Minister Jache Adams tables new strategy to modernise laws, strengthen coordination and sharpen enforcement across Bermuda’s waters
Government has unveiled a new strategy aimed at strengthening enforcement across Bermuda’s vast maritime waters.
Earlier today in the House of Assembly, Minister of Public Works and Environment Jache Adams tabled the Marine Resources Enforcement Strategy, a plan designed to modernise how Bermuda monitors and protects its ocean.
The Minister acknowledged that while most fishermen and boaters follow the rules, marine enforcement has at times been limited by outdated legislation and inconsistent follow-through.
He says this new strategy marks a significant shift.
“… this Strategy moves Bermuda from a reactive and sometimes fragmented enforcement model to one that is modern, coordinated, and intelligence-led,” said Minister Adams.
“It means using better data to identify high-risk areas, improving coordination between agencies, modernizing laws so officers are not required to “catch someone in the act” in order to prosecute, investing in the right tools and training, ensuring that when violations occur, they are followed through properly.
“In short, it means making sure that enforcement leads to real consequences when necessary, and real deterrence overall. Because enforcement that is inconsistent is enforcement that is ineffective.”
The strategy outlines five key priorities, including updating decades-old marine legislation, investing in officer training and surveillance technology, strengthening partnerships with regional agencies, and promoting voluntary compliance through education.
Minister Adams also addressed concerns that marine violations have not always resulted in meaningful consequences.
“Too often, cases did not reach what experts call “legal finish.” This Strategy supports a cultural shift. When serious violations occur, there must be credible consequences. Not to punish for punishment’s sake but to maintain deterrence and protect fairness.”
“At the same time, proportional tools, including administrative penalties where appropriate, will allow enforcement to be efficient and practical.
“This is about balance.”
Minister Adams says that fishers, enforcement officers, environmental groups and members of the public contributed to the strategy through consultations held last fall.
While some measures can be implemented immediately, he noted that more resource-intensive initiatives will be rolled out as funding and capacity allow.
Transport Minister Owen Darrell tabled rideshare legislation of Friday, saying its not about replacing taxis but improving product
Government is moving forward with introducing ridesharing to Bermuda.
Owen Darrell, Minister of Tourism and Transport, says this is not about replacing taxis, but reducing wait times and strengthening our competitiveness as a destination.
He adds that transporatation reliability and availability remain the largest service gap in our tourism product.
“If we are serious about protecting Bermuda’s brand, strengthening repeat visitation, and safeguarding the livelihoods that depend on tourism, we must act where the gap is greatest.”
“Visitors consistently report difficulty securing transportation outside Hamilton and major hotel zones, particularly during peak demand and cruise ship arrivals. Introducing ridesharing provides complementary lift during high-demand periods and in underserved areas.”
The amendment to the Motor Car Act will introduce “a regulated, cashless ridesharing model through approved digital dispatch platforms.”
Minister Darrell stressed that licensed taxi drivers will be prioritised…
“Taxis will receive first preference within the approved dispatching application when a ridesharing service is requested… Only those licensed to operate a Public Service Vehicle may apply… There will be no street hailing, and all trips must be digitally dispatched… Operators must connect to an approved digital dispatch network…”
The Minister adds that Bermuda cannot stagnate, and must evolve in step with global standards – while still protecting the integrity of local industries.
FULL statement and draft legislation below …
Ministerial Statement by Minister of Tourism & Transport, Culture & Sport, Owen Darrell
The Bermuda Comet Class delivered a masterclass at the Royal Hamilton Amateur Dinghy Club’s Inter Club Winter Series, sweeping the honours on the second day of racing. In a display of tactical brilliance across five races in the RS21 fleet, the Comet squad proved to be the class of the field, despite having missed the opening day of competition.
The crew—featuring Allan Frith, Dale Brangman, Greg Wade, and Sarah Frith—ignited their campaign with back-to-back victories. Even with a tactical rotation that saw Maxwell Curtis step in for the middle races, the team remained consistent before Brangman returned to the helm to secure a final-race win.
The Comet Class finished the session with a remarkable five Net points, holding off stiff competition:
1st: Bermuda Comet Class (5 Net Points)
2nd: David Leech, RHADC (7 Net Points)
3rd: Miguel Power, Sandys Boat Club (11 Net Points)
While the day belonged to the newcomers, the overall standings remain on a knife-edge after ten races. Miguel Power retains the overall lead with 20 Net points, but his advantage has been slashed to just a single point over Sebastian Round.
With the Comet Class boat now firmly in the mix and Maxwell Curtis sitting in third overall, the pressure is on the leaders to maintain their composure as the series reaches its climax.
Tinee Furbert, the Minister of Youth, Social Development and Seniors updated the House of Assembly on the Annual Financial Assistance Report 2024/25
The number of families receiving Child Day Care Allowance jumped 65% in 2025 while the number of overall people receiving Financial Assistance went down 1%, according to the latest government report.
Tabling the document in the House of Assembly this morning, Minister Tinee Furbert of Youth, Social Development and Seniors said 1,043 pensioners and seniors, 728 people with disabilities, 74 unemployed and 132 low-income earners received financial assistance.
Meanwhile, the number of child day care allowance recipients rose from 158 to 260.
The total average of financial assistance clients fell from 1,977 service users to 1991 compared to the previous year.
Minister Furbert said, “The Actual programme expenditure for grants directly supporting financial assistance and child day care allowance recipients totalled $51.74 million.
“The highest financial assistance expenditures were rent, nursing and rest home fees, food, and health insurance for HIP and Future Care.”
These figures were outlined in the Annual Financial Assistance Report 2024/25, made public on the government’s website.
Minister Furbert further said that work will continue to improve the use of data collection to remain compliant with the relevant legislation and monitor expenditure at the Department of Financial Assistance.
She added, “These measures enableDFA to demonstrate compliance with legislation, improve service delivery to meet client needs and minimize financial and operational risks. During the period 2024/2025, transaction monitoring was performed on 78,023 – line transactions with no non-compliance issues identified.”
The Financial Assistance Annual Report is online at gov.bm now and hard copies will be available next week at the Ministry of Youth, Social Development and Seniors Headquarters.
Health Minister Kim Wilson says Bermuda’s competition laws must be modernised to guard against ‘de facto monopolies’
Health Minister Kim Wilson. File photo
Following a move by an insurer to narrow its drug distribution network, the Health Minister has reiterated that Government is committed to introducing anti-monopoly legislation. (SCROLL down for full Ministerial statement)
However, Kim Wilson today said she has directed the Bermuda Health Council to “formally request that Allshores implement a 60-day deferral of its pharmacy network policy to 1 May”.
“This pause is essential to allow comprehensive review, data analysis, and structured dialogue. Decisions of this magnitude must be guided by evidence and public accountability.”
The Minister of Health added that, in both their 2025 election platform and the 2025 Throne Speech, Government had made it clear that they intend to introduce modern anti-trust legislation.
“In a small island economy such as Bermuda’s,” the Minister said, “markets are naturally concentrated”.
“Without appropriate legislative safeguards, consolidation can occur quickly and with system-wide consequences.”
“Competition law is not about punishing success; it is about protecting the public interest. It ensures that innovation thrives, that consumer choice is preserved, and that market power is not exercised in ways that undermine affordability, fairness, or access.”
Citing the merger of BF&M and Argus into Allshores, and the vertical integration now extending into pharmacy networks, Minister Wilson says this shows why “Bermuda must modernize its competition framework”.
However, she added that proposed legislation will not target any single entity, but will establish clear, fair and transparent rules that promote a level playing field.
Along with the introduction of such legislation, the Minister also said Government is committed to enhancing the existing national drug formulary to reduce costs.
UPDATE, 5pm Friday:
The Bermuda Health Council has been in touch with Allshores regarding the Minister’s request to pause its plans. No change to the timeline has yet been confirmed.
A BHeC spokesperson told Bermuda Broadcasting, “at this time, the Council has not received confirmation that the effective date has been adjusted.”
“Implementation decisions remain within Allshores’ operational remit, and any change to the timeline would be communicated directly by them.”
In a statement this afternoon, Allshores said, “we anticipate continuing to work collaboratively and in partnership with the Health Council over the coming days — as we have done throughout the development of this initiative and prior to its launch.”
“We remain committed to maintaining an open and constructive dialogue as this initiative progresses.”
Ministerial Statement by Minister of Health, Kim Wilson
The Green Party’s Hannah Spencer won the contest for the vacant parliamentary seat of Gorton and Denton, with Nigel Farage’s populist Reform UK party coming second, and Labour pushed into third place
International News via Reuters:
British Prime Minister Keir Starmer pledged to fight political “extremes” on the right and left on Friday after his Labour Party suffered a humiliating election defeat to the left-wing Green Party in an area it had dominated for almost a century.
In a result that underscored the breakdown of Britain’s two-party politics, the loss of one of Labour’s safest seats in the northwestern English region of Greater Manchester piles pressure on Starmer to prove he should keep his job following weeks of political turmoil and calls for him to resign.
The Green Party’s Hannah Spencer won the contest for the vacant parliamentary seat of Gorton and Denton, with Nigel Farage’s populist Reform UK party coming second, and Labour pushed into third place.
Starmer described the result as “very disappointing”, arguing that while governing parties were often punished at such elections, he understood voter anger.
“I will … fight against the extremes in politics on the right and the left, parties who want to tear our country apart,” he told reporters, promising to work “as long as I’ve got breath in my body” to deliver the change he promised when he won a landslide national election in 2024.
GREENS TARGETING AT LEAST 30 SEATS
But his words will do little to calm some in his party, who criticised an election strategy that focused on the threat from Reform, rather than targeting the Greens.
Spencer told a news conference the party would go from strength to strength before the next national election, which must take place by mid-August 2029, and Green leader Zack Polanski said he wanted to secure at least 30 seats, possibly up to 50, in Britain’s 650-seat parliament.
John Curtice, Britain’s most respected pollster, called the result a “seismic moment”, which means the “future of British politics looks more uncertain than at any stage” since the end of World War Two, uncertainty reflected across much of the West.
STEEP FALL IN SUPPORT FOR LABOUR
Starmer had staked his personal authority on Labour winning the seat by blocking one of his rivals, the popular Manchester Mayor Andy Burnham, from standing, and by visiting the constituency this week, when British leaders normally avoid campaigning in local areas if they risk losing.
The defeat comes after Starmer faced the most dangerous moment of his premiership this month when some of his lawmakers said he should resign over his decision to appoint Labour veteran Peter Mandelson as ambassador to Washington, despite his links to the late sex offender Jeffrey Epstein.
Labour won just over half the vote in Gorton and Denton at the last general election in 2024.
On Friday, the Green Party won 40.7% of the vote. Reform came second with 28.7% and Labour finished third with 25.4%.
OLD LOYALTIES FRACTURE AS VOTERS SHIFT TO INSURGENT PARTIES
Labour lawmakers say Starmer is unlikely to face an immediate threat to his position, but some on Friday questioned his election strategy.
“In an election we tried to make into one of unity versus division, the electorate chose division – just not the division we were campaigning most against,” said one Labour lawmaker on condition of anonymity.
Starmer could be challenged after May elections, some said, when Labour is expected to fare badly in local and regional polls, including for the parliaments in Wales and Scotland.
Gorton and Denton was once part of Labour’s coalition of industrial areas in England considered to be so impregnable it was called the Red Wall.
But the election contest was an example of how the British electorate has become more volatile, with declining loyalty and growing support for insurgent parties on the right and left.
It was the first time the Green Party, which supports leaving NATO and legalising recreational drugs, had won a one-off election for a seat in parliament or one in the north of England. That takes the party’s total number of seats in the House of Commons to five out of 650.
The Labour government’s main challenge at the next election is likely to come from Reform, which holds only a handful of seats in parliament, but has been leading in opinion polls.
CHALLENGES FOR FARAGE’S REFORM TOO
However, Friday’s result shows how Reform could struggle to win in some places, particularly ethnically diverse urban areas.
Reform’s candidate Matt Goodwin alienated some voters in Gorton and Denton, which had a large number of Muslim residents, with his past comments that millions of British Muslims “are fundamentally opposed to British values and ways of life”.
Farage said the result, in an area where some Muslim voters have called for greater support for Palestinians in Gaza, was a “victory for sectarian voting and cheating”.
The Electoral Commission, an independent body which oversees elections, said it was “aware of the report” suggesting there had been instances of “family voting” when two voters either confer or direct each other on voting, which breaches the secret ballot.
“We encourage anyone who believes an offence has occurred to report it to the police,” it said in a statement.
Additional reporting by Elizabeth Piper, William James, Alistair Smout, Sam Tabahriti and Sarah Young; Editing by Clarence Fernandez, Michael Perry and Alison Williams
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
