PLP lays out plans to address the cost of living

The PLP says they will look to reduce the cost of living if elected for a third term on February 18th.

MP Jamahl Simmons, Senator Mischa Fubler and Attorney General Kim Wilkerson outlined proposals from their party platform.

Both AG Wilkerson and Senator Fubler conceded that some of these ideas will require a balancing act as Government seeks to implement them.

MP Simmons said that political platforms are partially aspirational.

Watch the full discussion above. PLP statements below.

MP Jamahl Simmons:
The Progressive Labour Party is committed to making life more affordable for all
Bermudians. Today, I want to share our plans to reduce the cost of essential goods and
utilities, ensuring that every family can thrive.
We understand the financial strain that high prices of essential items place on our
households.
To address this, we will implement increased oversight and controls over the cost of
essential food items.
This includes:
● Implementing fair pricing control and transparency measures to ensure that any
import duty cuts are passed on to all of us and not just to boost company profits
● Expand the categories of essential goods to give more access to necessary goods
for Bermudians
● Supporting a food cooperative and community based initiatives to encourage
competitive, diverse, affordable options
● Launching a digital grocery price tracker to promote transparency among major
supermarkets.
● Reducing red tape and eliminating permit costs for streetside food vendors, farmers
markets and local producers.
● Diverting funds raised by the sugar tax to support the agricultural and fishing sectors,
increase food production and distribution and promote the 100% utilization of arable
land
● Reprioritizing the parks dept to be good focused incorporating food production into
select underutilized public spaces foot food security, community gardens and hubs.
By strengthening food security we can reduce reliance on imports and keep prices stable.

Senator Mischa Fubler:
High utility costs are a significant concern for all of us. It affects our quality of life, the cost of
doing business and our ability to spend our hard earned money on our family and our
priorities. .
To address the high cost of utilities and enhance energy resiliency, the PLP plan includes:
● Amending section 35 of the Electricity Act to remove or limit categories of
recoverable expenses that allow BELCO to pass certain costs onto consumers. This
change will ensure fewer costs are recoverable, prioritising affordability for
Bermudians.
● Further empowering the Regulatory Authority to implement fairer pricing on retail
electricity tariffs.
● Owning our own electricity generation that is not dependent on global oil prices. We
must develop community solar programs to expand access to renewable energy
alternatives for Bermudians. This will help to drive technology progression and
economies of scale in this industry. Which should result in more efficient, cost
effective solar generation systems while also moving us towards the Integrated
Resource Plan’s renewal energy mix goals.
● Reviewing and amending current legislation and regulations that require mandatory
connection to BELCO, to allow more diverse and independent energy generation
without risk to electrical grid stability.
● Reviewing the Retail Tariff and Feed-In-Tariff methodology to continue to protect
consumers from the extreme variations in international oil pricing. Adjusting the
approach to calculating consumption rates – how much BELCo charges you – and
generation rates – how much BELCo pays you for your generation – will help to make
them fairer for all Bermudians.
At the end of the day, we understand that utility bills are painful. We will help to ease this
burden while moving towards a greener Bermuda – by promoting leveraging the sun and
perhaps as well in the future the wind and sea to generate the electricity we need. We must
own our electricity in the long run so that the price of our electricity in Bermuda is not
dictated by the global price of oil and gas.
By taking these steps, we are dedicated to easing the financial burden and environmental
impact on Bermudian families.

Attorney General Kim Wilkerson:
Today, I address a critical component of our Progressive Labour Party’s vision: strengthening
free market competition through robust anti-monopoly legislation. Our goal is to create an
economic environment where fairness prevails, innovation thrives, and all Bermudians
benefit from a dynamic marketplace.
Bermuda’s economic framework currently lacks specific antitrust regulations governing
business combinations. This absence creates the potential for conditions that could stifle
innovation and place undue financial burdens on our citizens.
To rectify this, the PLP is committed to introducing comprehensive anti-monopoly legislation.
This initiative aims to prevent market dominance by a few and promote a vibrant, competitive
marketplace. Key components of our plan include:
● Establishing a Regulatory and Competition Authority: We will create an empowered
body responsible for overseeing market practices, ensuring transparency, and
enforcing fair competition standards.
● Implementing Clear Guidelines: Our legislation will define explicit criteria for mergers
and acquisitions, preventing the formation of monopolies and promoting a diverse
business landscape.
● Protecting Consumer Interests: By fostering competition, we aim to enhance product
quality, encourage innovation, and ensure fair pricing, directly benefiting consumers.
We will draw insights from successful antitrust frameworks worldwide, adapting them to
Bermuda’s unique context. This approach ensures that our policies are both effective and
tailored to our specific economic environment.
In conclusion, our commitment to strengthening free market competition through
anti-monopoly legislation is a testament to our dedication to economic fairness and
prosperity for all Bermudians. By fostering a competitive marketplace, we pave the way for
innovation, fair pricing, and a thriving economy that serves everyone.
Your PLP team is committed to building a fairer Bermuda by easing the burden placed on
you and saving you money. That’s why we need competition.