Party says debt is being slashed while protecting services and expanding support for Bermudians

Statement from The Progressive Labour Party

This PLP Budget is about results

● Massively slashing the debt

● Tax cuts for all working Bermudians

● Increasing healthcare support for our seniors

● Lowering costs for families

● Investing in our infrastructure

● Investing in our youth

We believe that when Bermuda’s finances improve, Bermudians should benefit.

Our approach shows that the PLP can do what OBA never could; reduce debt, strengthen the economy, and support Bermudian families.

The OBA’s suggestion that debt reduction should go even further ignores the responsibility to protect services and sustain growth. The PLP today announced measures that will erase much of the debt that the OBA doubled while in office, while expanding our housing supply, strengthening our healthcare capacity, modernising infrastructure, and supporting economic resilience.

We understand what they never did; leadership means reducing debt AND building the foundations that keep Bermuda strong.

On tax relief, this Budget makes a clear and fair choice: Working Bermudians across income levels are facing cost pressures, and relief should reach the many, not the few. Narrower cuts, as proposed by the Opposition, could leave many without support at a time when they need it most or worse still reduce Bermudians to being forced to submit to screening to obtain relief.

Despite the OBA’s revolving door at leadership, their ideology never changes. Balance sheets come first, Bermudians come last.

While the OBA comments from the sidelines on behalf of the few, The Progressive Labour Party will continue to govern on behalf of the many.

2026/27 Budget posts $472M surplus, cuts payroll taxes and repays $605M in debt

Statement from the Government of Bermuda:

Today, Premier and Minister of Finance, the Hon. E. David Burt, JP, MP, delivered the 2026/27 Budget Statement under the theme, “Responsible Choices… Lasting Benefits for Bermudians.”

Built on nine years of responsible fiscal management and execution of the Government’s Economic Development Strategy, the 2026/27 Budget delivers for Bermudians by continuing to cut taxes for workers, eliminating duty on more essential goods, and making the largest capital investment in our infrastructure in nearly two decades.

In addition, for the first time ever, Government revenue now includes Corporate Income Tax following the successful implementation of the CIT regime. Thanks to this, and better-than-expected economic performance, this Government will make a significant reduction in Bermuda’s debt and deliver real savings for Bermudian taxpayers.

This Budget delivers a range of measures that will make a real and lasting difference for Bermudians, including:

• Reductions in payroll tax: Workers earning $48,000 save $120 a year, those earning $96,000 save $840, and those earning $120,000 save $660, no worker will pay more.
• $605 million in national debt repaid in full, reducing Bermuda’s gross debt by 18% and saving taxpayers $25 million every year in interest costs.
• A record $182 million capital investment, including continued roadworks, affordable housing, schools, the Swing Bridge, the Tynes Bay Waste-to-Energy Facility, and community improvement projects across the island.
• The elimination of the remaining 20% customs duty on fuel for electricity generation saving the average household $375 a year in energy costs.
• $5 million to reduce or eliminate customs duty on more essential goods
• A further 10% reduction in private car licensing fees, effective 1 April.

• A projected budget surplus of $472 million and total government revenue exceeding $2 billion for the first time in Bermuda’s history for FY 26/27.

Premier Burt said, “Nine years of hard work and prudent fiscal management have brought us to this moment. Bermuda’s finances are stronger than they have been in a generation, and this Budget makes sure that progress is felt by every worker, every local business, and in the pockets of Bermudian families. It also lays a solid financial foundation for the future, with Bermuda on a path to eliminate net debt within the decade.

“Working Bermudians will pay less in taxes, our national debt is being significantly reduced, and we are investing in our roads, more affordable housing, public schools and critical services. We have made and will continue to make responsible choices that will deliver lasting benefits for Bermudians.”