Economy

Updated Sept 28th, 2017

Prosperity for All Bermudians

In order for Bermuda to succeed, we need to return our economy to a path of balanced growth that creates jobs, provides rising incomes and assists our budget challenges. It is our belief that a better environment must be created in which Bermudian businesses can thrive, opportunities for Bermudians can be created, and in which capable, qualified Bermudians can earn opportunities to work, train and succeed at every level. We will ensure a fairer Bermuda for all by enacting policies to grow Bermuda’s economy.

Your next PLP Government will grow our economy by:

  • Forming a Bermuda First advisory group consisting of local and international business and community leaders to develop a long-term economic and social plan for Bermuda. Bermuda needs to draw on the intellectual capital of our stakeholders to get all sections of our community moving in the same direction. An economic plan that has broad community support will assist us in creating balanced long-term economic growth that will create jobs in Bermuda.
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  • Creating a Tax Reform Commission drawing participants from both political parties, international business, local businesses, trade unions, hoteliers, academia and the Bermuda Bar. Its mission will be to conduct a review of our system of revenue collection and taxation and to make recommendations to parliament on revenue and tax reform that make our tax system fairer and enhance Bermuda’s international competitiveness to increase the number of jobs based in Bermuda.
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  • Creating an Economic Diversification Unit to create new economic pillars in Bermuda. This unit will identify new opportunities for economic diversification and subject them to structured analysis and research. Once areas have been identified and agreed upon, the unit will seek local and overseas investment to develop new local industry, which will create jobs in Bermuda.
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  • Bringing jobs back to Bermuda by creating a payroll tax exemption for any Bermuda company that decides to repatriate previously outsourced jobs back to Bermuda.
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  • Developing an economic development fund called the Bermuda Fund. This fund will have strict governance controls so that it will not be subject to political whims, and will be run for the specific purpose of generating positive returns, while investing in the development of Bermuda-based businesses. Similar plans in both Singapore and Ireland have delivered positive results for their economies, and the PLP will advance this initiative to create jobs in Bermuda.
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  • Developing a Technology Hub at Southside. This will allow start-ups in the technology field that require little more than a computer and an Internet connection to use our regulatory environment while developing their new products and services in Bermuda. The vision is to transform Southside into a technology-based community with living facilities as well as an active office community.
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PROMOTING ENTREPRENEURSHIP

The PLP’s position is that a key path to empowerment for Bermudians lies in the expansion of entrepreneurship and the facilitation of doing business in this jurisdiction. We have heard how the government is often the biggest obstacle when it comes to Bermudians getting their business started. Red tape and bureaucracy have strangled far too many legitimate business concepts in the cradle, and that must end.

Your next PLP Government will:

  • Provide new tax relief for first-time entrepreneurs to assist them in creating Bermudian jobs.
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  • Reform our laws to allow greater freedom for peddlers and vendors.
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  • Expand access to capital for first-time business owners through liberalisation of the 60/40 rule, enabling entrepreneurs to access financing options outside of local banks.
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  • Double the guarantee capacity of the Bermuda Economic Development Corporation, enabling new small business owners with credible business plans to have increased access to the capital they need to create jobs for themselves and others.
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  • Develop domestic capital markets that create local investment vehicles for Bermudians to invest in Bermuda. We must provide the banks with competition and allow local entrepreneurs alternative access to capital thus boosting local businesses.
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  • Appoint a Director of Cooperative Economics at the Bermuda Economic Development Corporation to promote cooperatives within Bermuda to boost community-based economic empowerment.
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Consumer Protection

Your next PLP Government will:

  • Improve the regulation of debt collection agencies.
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  • Regulate payday lenders to curtail those who would lend, at the extraordinary rate of 260%, to people who may be in a tough situation.
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  • Establish a cap on over-the-limit fees at banks. This punitive practice has been addressed in many jurisdictions with regulations restricting a bank to one over-the-limit charge per billing cycle.
    Unknown None
  • Consult with the Bermuda Monetary Authority (BMA) to modify foreclosure rules, preventing banks from going after homeowners when the bank sells the property for less than the amount outstanding on the loan.
    Unknown None
  • Establish a cap on over-the-limit fees at banks. This punitive practice has been addressed in many jurisdictions with regulations restricting a bank to one over-the-limit charge per billing cycle.
    Unknown None
  • Consult with the Bermuda Monetary Authority (BMA) to modify foreclosure rules, preventing banks from going after homeowners when the bank sells the property for less than the amount outstanding on the loan.
    Unknown None

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