Premier David Burt released a Pre-Budget statement on video, the day ahead of the real thing in the House of Assembly on Friday, promising to “continue to reduce taxes for workers and businesses in Bermuda, increase investments in vital reforms and critical infrastructure while keeping Bermuda firmly on the path towards a balanced budget in 2024”.
This will be his second Budget Statement delivery in the Lower House as the Minister of Finance, since the abrupt departure last time this year, by the former Minister, Curtis Dickinson.
In the statement released today (Feb 16), Mr Burt said: “The 2023/24 budget will be about building our economy and making bold decisions to ensure we continue our economic recovery.
“Our economy has experienced five (5) consecutive quarters of GDP growth, our credit ratings remain stable, and our budget deficit continues to fall. Tourism numbers are increasing, employment figures are improving with more Bermudians working, and a recent survey reported two-thirds of local businesses expressing confidence in their economic future, with many planning on creating additional jobs.”
What it all means in terms of dollars and cents and how it will affect your wallet – time will tell at 10am Friday (Feb 17).
But Mr Burt said today: “We hear the concerns of our seniors impacted by food inflation, families challenged by rising interest rates, and young people challenged with finding quality affordable housing.
“We understand the challenges facing entrepreneurs, artists, and athletes striving to make their mark locally and internationally. Therefore, we must remain disciplined and commit ourselves to working together to ensure that Bermuda’s economy works for all.
“This Friday, February 17th, 2023, on behalf of the Government of Bermuda, I will be delivering a budget that will continue to reduce taxes for workers and businesses in Bermuda, increase investments in vital reforms and critical infrastructure while keeping Bermuda firmly on the path towards a balanced budget in 2024.
“This year’s budget will reflect the thoughts and feedback of Bermuda’s residents, businesses and trade unions – following a broad public consultation which was done to ensure that this budget delivers what all of our people need to grow and succeed.
“This Government was not elected to maintain the status quo but to make systemic change. The transition from a once in a century pandemic has not been easy – however I assure the people of Bermuda that our commitment to economic recovery and balanced economic growth is unwavering, our focus on fiscal prudence is steadfast, and our vision for the future remains positive.
“I look forward to sharing that vision for the future with you on Friday and in the weeks following the presentation of the budget.”
