Premier David Burt fields financial questions from Berkeley, CedarBridge and Sandys Secondary students
Head Girls and Head Boys from Bermuda’s public schools had a chance to engage with the Budget before anyone else today.
Premier David Burt met with the Berkeley, CedarBridge and Sandys Secondary students ahead of his presentation, fielding financial questions from some of those who will feel the weight of today’s decisions far into the future.
Economist Craig Simmons advocates tax credits for low-earners
In his response to today’s Budget, economist Craig Simmons says the moves to repay national debt could put us in a very good place by the early 2030s.
However, he says the Budget lacks coherence when it comes to reducing poverty, with across the board tax relief instead of targeted benefits for those who need it most.
He advocates for the introduction of tax credits for low-earners.
He says this may help draw Bermudians back from the UK, where they can claim similar benefits, and increase the local workforce.
Today’s Budget promises are founded on high revenues from the Corporate Income Tax – but Premier David Burt stressed that future revenues could vary wildly
It almost seems too good to be true… the massive windfall from the Corporate Income Tax is enabling many of the benefits Government is promising Bermudians in the next fiscal year.
The expected windfall is much higher than original conservative estimates… delivering almost $100-million more this fiscal year, and $150-million the next.
More Bermudians have a chance to truly feel the benefit of a strong International Business sector, the Premier added.
Premier Burt acknowledged, however, the innate volatility of this tax, and said it cannot be the foundation on which Bermuda Budgets are built.
National Debt is not the only measure of a Government’s success, Premier Burt said today – but it can now be truly addressed
In his final Bermuda Budget, Premier and Finance Minister David Burt rebuffed those who judge Government by the level of debt.
However, with millions in revenue from the Corporate Income Tax, he affirmed today that Bermuda could pay off it’s debt in a decade, with the first payment in January next year.
For most of Friday, Brent and WTI were down, with the market awaiting developments in the struggle between Iran and the U.S
International News via Reuters:
Brent crude prices rose in late-day short-covering on Friday as investors worried about U.S. military action, as President Donald Trump presses the Islamic Republic to halt nuclear weapon development.
Brent crude futures settled at $71.76 a barrel, up 10 cents, 0.14%. U.S. West Texas Intermediate crude finished at $66.39 a barrel, down 4 cents, 0.06%.
For most of Friday, Brent and WTI were down, with the market awaiting developments in the struggle between Iran and the U.S.
“We’re caught in between anticipation what’s going to happen with the U.S. and Iran and denial an attack’s going to happen,” said Phil Flynn, senior analyst with Price Futures Group.
The oil market shrugged off a U.S. Supreme Court decision ruling unconstitutional Trump’s use of a law to levy tariffs in national emergencies, Flynn said.
“The tariffs decision didn’t seem to move us too much,” he said. “I think there is a sense the tariffs are going to get done another way.”
Over the week, Brent and WTI were both up more than 5%.
Trump said this week that “bad things” would happen to Iran if there was not a deal to end the Islamic Republic’s development of nuclear weapons.
Iran’s foreign minister said on Friday he expected to have a draft counterproposal ready within days following nuclear talks this week as Trump said he was considering limited military strikes.
BETTING ON HIGHER PRICES
Iran, a major oil producer, lies opposite the oil-rich Arabian Peninsula across the Strait of Hormuz, through which about 20% of global oil supply passes. Conflict in the area could limit oil entering the global market and push up prices.
“We’re waiting for a potential binary outcome, if we should take Trump’s words at face value,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The market is nervous, it’s going to be a wait-and-see day.”
Traders and investors ramped up purchases of call options on Brent crude in recent days, betting on higher prices, Saxo Bank analysis shows.
Also supporting oil were reports of falling crude stocks and limited exports in the world’s biggest oil-producing and exporting countries.
U.S. crude inventories dropped by 9 million barrels as refining utilisation and exports climbed, an Energy Information Administration report showed on Thursday. [EIA/S]
Markets were also considering the impact of ample supply, with talks of OPEC+ leaning towards a resumption in oil output increases from April.
The oil surplus that was evident in the second half of 2025 continued in January and is likely to persist, JP Morgan analysts Natasha Kaneva and Lyuba Savinova said in a note.
“Our balances continue to project sizeable surpluses later this year,” they said, adding that output cuts of 2 million barrels per day would be needed to prevent excess inventory builds in 2027.
Reporting by Erwin Seba, Anna Hirtenstein in London, Laila Kearney in New York and Trixie Yap in Singapore;Editing by Elaine Hardcastle, David Goodman, Diane Craft and David Gregorio
It was the third collision within six hours yesterday
Image: Bermuda Police Service
A man was arrested last evening on suspicion of driving under the influence of alcohol after crashing his motorcycle in the City of Hamilton.
The incident occurred around 5:35 pm on Chancery Lane, near Reid Street.
Police said the male rider was exiting the garage of a nearby building when he appeared to lose control of the motorcycle.
He was treated by EMT’s at the scene before being transported to hospital for treatment of injuries which authorities say are not being considered serious.
The roadway was temporarily closed while officers processed the scene.
Police noted that this was the third serious road traffic collision reported within a six-hour period yesterday.
OBA says CIT windfalls and payroll contributions from IB will not fix deep-seated structural problems
“This Budget patches past failures of the PLP Government rather than delivering lasting solutions.”
That’s according to Doug DeCouto, Shadow Minister of Finance, who says Bermudians should feel “underwhelmed” by today’s Budget.
While the Opposition supports initiatives that help seniors, caregivers and health facilities … Mr. DeCouto says the Budget is built on an extraordinary surge in corporate income tax revenue, which he described as a “volatile and unpredictable source.”
Mr. DeCouto also adds that payroll tax reductions, electricity relief and other measures provide temporary relief but do not create a sustainable economy.
For the OBA, items notably missing from the Budget include the sugar tax, which they oppose.
The move, announced by Premier Danielle Smith in a televised address on Thursday evening, represents an attempt by Alberta to wrest control of a key issue from the federal government
International News via Reuters:
Alberta will hold a referendum this fall to ask residents if its government should limit the number of new international students, temporary foreign workers and asylum seekers arriving in the oil-rich Canadian province.
The move, announced by Premier Danielle Smith in a televised address on Thursday evening, represents an attempt by Alberta to wrest control of a key issue from the federal government. Immigration policy in Canada is primarily the responsibility of Ottawa, not the provinces.
It is also an attempt by Smith to ward off a simmering Alberta separatism movement, which has threatened Canadian unity as Prime Minister Mark Carney makes efforts to improve relations with western, resource-rich provinces in the face of economic challenges posed by U.S. President Donald Trump’s trade policy.
Giving citizens a say on immigration policy is the government’s way of giving Albertans hope that the Canadian federation can work, Smith told reporters on Friday.
But she said the question of whether or not Alberta should remain part of Canada will also be on the ballot on October 19 if a citizen-led initiative pushing separatism succeeds in gathering the requisite number of signatures to force a vote on the issue.
Smith said her government is facing what will be a significant deficit in next week’s provincial budget, partly because of a decline in provincial resource royalties due to lower global oil prices.
But she also blamed Alberta’s fiscal challenges on the province’s exceptionally rapid population growth, the strongest in Canada. Alberta’s population, which ticked past the 5 million mark in 2025, according to Statistics Canada, added more than 600,000 people in the past five years – something Smith said has been putting a strain on provincial resources.
“Throwing the doors wide open to anyone and everyone across the globe has flooded our classrooms, emergency rooms and social support systems with far too many people, far too quickly,” she said in her address.
Gabriel Brunet, spokesman for Dominic LeBlanc, Canada’s minister for intergovernmental affairs, said the federal government had taken note of Smith’s address and had also taken measures to bring “control” back to the immigration system.
“Albertans will express their views on these issues and others raised by Premier Smith, as they have on several constitutional questions in the past,” Brunet said.
The main difference between population growth in Alberta and other provinces, according to an ATB Financial analysis, is that Alberta has a very high level of interprovincial migration from Canadians seeking better opportunities and more affordable housing.
But Smith said that Albertans identified international immigration as one of their top concerns in a recent series of town hall panels, and so she will seek a referendum mandate to pursue changes.
She said the changes could include passing a law mandating that only Canadian citizens, permanent residents and individuals with an “Alberta approved immigration status” will be eligible for provincially funded programs such as health, education and other social services.
Reporting by Amanda Stephenson in Calgary; Editing by Nia Williams
Tax breaks for all working Bermudians, a health care boost for pensioners and a big hole knocked in national debt.
Some of the key pledges and announcements made in today’s Budget Statement by Premier and Finance Minister David Burt.
Buoyed by a bigger-than-expected windfall from corporates taxes, Mr Burt set out his vision for lowering the cost of loving while nurturing economic growth.
Mountbatten-Windsor was arrested on Thursday, his 66th birthday, on suspicion of misconduct in a public office
International News via Reuters:
British police said on Friday they were contacting former protection officers who worked for King Charles’ younger brother Andrew Mountbatten-Windsor, urging anyone with allegations of sex offences relating to Jeffrey Epstein to come forward.
Mountbatten-Windsor was arrested on Thursday, his 66th birthday, on suspicion of misconduct in a public office.
A British official said Britain’s government would consider new legislation to remove the former prince from the line of royal succession once the police investigation into his ties with Epstein is over.
Any changes to the line of succession – Mountbatten-Windsor is eighth in line to the throne – would require consultation and agreement with other countries where King Charles is head of state, the official – who asked not to be identified – said.
OFFICERS URGED TO SHARE INFORMATION
Thursday’s arrest related to allegations Mountbatten-Windsor sent confidential government documents to the disgraced financier when he was a trade envoy.
As part of a completely separate inquiry, London’s Metropolitan Police said on Friday it was now identifying and contacting former and serving officers who may have worked closely with the royal.
“They have been asked to consider carefully whether anything they saw or heard during that period of service may be relevant to our ongoing reviews and to share any information that could assist us,” the police statement said.
“We continue to urge anyone with new or relevant information to come forward. All allegations will be taken seriously and, as with any matter, any information received will be assessed and investigated where appropriate.”
Mountbatten-Windsor has always denied any wrongdoing in relation to Epstein, a convicted sex offender whose death in a New York jail in 2019 was ruled a suicide, and said he regretted their friendship.
In 2022, the royal settled a civil lawsuit brought in the United States by the late Virginia Giuffre who accused him of sexually abusing her when she was a teenager at properties owned by Epstein or his associates.
British media reports have stated that Giuffre received around 12 million pounds ($16.2 million) from Mountbatten-Windsor. He has denied ever meeting her.
London police had previously looked into allegations of trafficking for sexual exploitation relating to Epstein and decided in 2016 not to launch any criminal investigation. That decision has since been reviewed three times, and as it stands there is no current formal investigation.
Friday’s statement said in light of the recent mass release of documents by the U.S. government relating to Epstein, police were also looking into whether London airports were used by him to facilitate human trafficking and sexual exploitation.
“We are assessing this information and are actively seeking further detail from law enforcement partners, including those in the United States,” the statement said.
That echoed statements from three other police forces that are looking into private flight links to Epstein at other airports in Britain.
HELD FOR MORE THAN 10 HOURS
The latest development comes after Mountbatten-Windsor was released under investigation, having been held by detectives from Thames Valley police for more than 10 hours on suspicion of misconduct in a public office relating to his time as a trade envoy from 2001-2011.
He has not been charged with any offence, but looked haunted in a Reuters photograph after his release, eyes red and slumped in the back of a Range Rover.
The photograph of a man who was once a dashing naval officer and reputed favourite son of the late Queen Elizabeth was carried on the front page of newspapers in Britain and around the world, accompanied by headlines such as “Downfall”.
News of the arrest also made headlines around the world, including Australia, where Charles is head of state, Europe and the United States.
The recent release of Epstein files showed Mountbatten-Windsor had remained friends with Epstein long after the financier was convicted of soliciting prostitution from a minor in 2008.
Those files suggested he had forwarded to Epstein British government reports about investment opportunities in Afghanistan and assessments of Vietnam, Singapore and other places he had visited as the government’s Special Representative for Trade and Investment.
The arrest of the senior royal is unprecedented in modern times.
King Charles, who stripped his brother of his title of prince and forced him out of his Windsor home last year, said on Thursday he had learned about the arrest with “deepest concern”.
“Let me state clearly: the law must take its course,” the king said.
Julian Payne, Charles’ former communications chief who is now at Edelman, said by putting the statement in the king’s words, it was designed to show that he was taking the lead on the matter, and he thought the public would be supportive.
“After all, how many other leaders around the world are judged through the actions of their relatives?” he told Reuters.
POLICE SEARCHES AT WINDSOR CONTINUE
As part of its investigation, Thames Valley Police have searched Wood Farm on the king’s Sandringham estate in Norfolk, eastern England, where Mountbatten-Windsor now lives, and officers were still searching his former mansion in Windsor on Friday.
While being arrested means that police have reasonable suspicion that a crime has been committed and that the royal is suspected of involvement in an offence, it does not imply guilt.
A conviction for misconduct in public office carries a maximum sentence of life imprisonment, and cases must be dealt with in a Crown Court, which handle the most serious criminal offences.
($1 = 0.7403 pounds)
Reporting by Phil Noble in Sandringham and Kate Holton and Michael Holden in London; Editing by Gareth Jones and Alex Richardson
The court’s landmark 6-3 ruling upended the leverage Trump and his trade envoys have wielded over foreign governments, both allies and foes, at negotiating tables around the world
International News via Reuters:
U.S. President Donald Trump responded with fury to Friday’s Supreme Court ruling that he did not have the power to unilaterally set tariffs on imports, denigrating individual justices as he vowed to wield a different law to continue his global trade war.
The court’s landmark 6-3 ruling upended the leverage Trump and his trade envoys have wielded over foreign governments, both allies and foes, at negotiating tables around the world to reshape diplomatic relations and global markets.
It called into question the many trade deals his envoys have negotiated in recent months under the threat of high tariffs. It pushed all three major U.S. stock indexes to their highest levels in weeks. And it left open the fate of the $175 billion Trump has collected from U.S. importers under what the court said was his incorrect reading of the law.
“I’m ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what’s right for our country,” Trump told reporters at the White House, complaining that foreign countries were ecstatic at the ruling and were “dancing in the street.”
He insinuated, without evidence, that corruption played a part in the majority’s decision, which was written by Chief Justice John Roberts: “They’re very unpatriotic and disloyal to our Constitution. It’s my opinion that the court has been swayed by foreign interests and a political movement that is far smaller than people would ever think.”
TRUMP EXCEEDED HIS AUTHORITY: COURT
Since returning to the White House 13 months ago, Trump has said he had what the court summarized as the “extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope.” Citing a national emergency, he said the International Emergency Economic Powers Act (IEEPA) meant he could set tariffs at any rate he chose.
The court’s ruling was blunt: Trump has not proved the president has this power, and exceeded his authority. A tariff levied on U.S. importers is a tax like any other, the court said, and the Constitution reserves the power to “lay and collect Taxes, Duties, Imposts and Excises” to Congress.
In response, an angry Trump said on Friday afternoon he would invoke other laws to collect tariffs, and announced a blanket 10% tariff on imports from all other countries, on top of any existing non-IEEPA tariff. In doing so, he became the first president to invoke Section 122 of the Trade Act of 1974, in which Congress said the president could levy tariffs of up to 15% for up to 150 days to fix “fundamental international payments problems.”
Reporting by Andrew Chung, John Kruzel, Andrea Shalal, David Lawder, Gram Slattery and Jonathan Allen;Editing by Noeleen Walder, Will Dunham, Rod Nickel
BELCO President Wayne Caines said the company has carried out “sustained advocacy” for the government to eliminate fuel tax
Full press statement from BELCO:
Bermuda Electric Light Company (BELCO) today welcomed the Government of Bermuda’s proposal to eliminate the fuel tax, which would deliver further savings to customers on top of the 10% rate reduction BELCO achieved on January 1st.
BELCO recognises that electricity is a large component of monthly expenses for Bermuda residents and businesses and continuously reviews its operations to identify savings that can be passed on to customers.
BELCO has systematically reviewed each cost area under its control:
· Plant & Equipment: Investing in upgrades like the Transmission Upgrade Project that replace aging, expensive to repair cables, and conducting comprehensive reviews of service and maintenance contracts to ensure best value through improved competitive tendering.
· Labour: Voluntary separation and early retirement packages to reduce costs while ensuring long-term sustainability by investing in multi-skilled apprentices who are the future of the company.
· Fuel Purchase: Using hedging strategies and working with suppliers to purchase fuel at the best price and optimal time.
· Technology: Advanced metering and a new customer portal that eliminates the need to send trucks for meter reading and gives customers better tools to manage usage.
These operational improvements delivered a 10% rate reduction that took effect January 1st, 2026.
Separately, BELCO has consistently advocated for the elimination of the Government fuel tax since it was implemented in 2015. Through sustained pressure, several reductions were achieved.
The Government of Bermuda has now proposed to eliminate completely the fuel tax, which would provide additional relief to customers.
BELCO President Wayne Caines said: “The 10% rate reduction in January was the result of hard work reviewing every aspect of our operations. For a decade, we have consistently pushed for the elimination of the fuel tax, and that sustained advocacy is now delivering results. The work BELCO has done and continues to do is providing meaningful relief to our customers — and we’re not done. We will keep finding ways to stabilise electricity costs.”
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