The Premier has given a “misleading” analysis of Bermuda’s 2025-26 Budget, the Shadow Minister of Finance claimed this afternoon.

Douglas De Couto, for the One Bermuda Alliance, said the Budget had several commendable plans — but ultimately exaggerated the Government’s success.

He said the Consolidated Fund’s surplus of $19.7 million did not include “hidden off-balance-sheet spending” that increased the net debt by $134 million between 2023 and 2025.

Dr De Couto added: “Quite simply, the finance minister was spending money out of one pocket while pretending it didn’t count — just so he could misleadingly claim a surplus.

“Given that, how confident should the public be about his pronouncements regarding our country’s finances? The devil is in the details.”

During his delivery of the Budget statement today, David Burt said that revenue was expected to reach $1.43 billion this year — 16 per cent higher than predicted.

The finance minister further promised economic boosts and several benefits, including tax breaks and $56.25 million for healthcare.

However, Dr De Couto accused the Government of taking credit for economic growth driven by international business.

He said the Budget relied heavily on the IB sector and expected revenues from the corporate income tax — an expectation he later described as being over-reliant.

Dr De Couto added that he was not surprised by the number of delayed tax breaks.

Dr De Couto commended the Government for adopting several plans, such as pension reform and the elimination of yearlong waiting times for new FutureCare and HIP members — ideas he said came from his party.

However, he criticised the planned approach for universal healthcare, asking: “What happens with residents who do not have insurance at all?”

Dr De Couto questioned the Government’s reserved $5 million to fix roads when the same amount was allocated last year and “not even half of it spent”.

He added that it was “insulting to our youth” for the Government not to mention funding for absentee voting despite promising to provide it.

The Progressive Labour Party said later: “Our finances have been handled responsibly and the progress that has been seen in our economy didn’t happen by accident.

“It was a result of prudent, responsible, Bermudian-focused strategy.”

It added that the Budget cut taxes for families, “saving the average family of four $1,000 a year”, invested in healthcare, and boosted funds for education, social services and infrastructure.

Mr Burt said that the benefits expected from this fiscal year, including expanded medical coverage and reductions in customs duty, resulted from “leadership and economic strategy”.

He added: “Working towards lower healthcare costs, lower energy bills, building more affordable housing, expanding access to preventative care and prescriptions and making a safer Bermuda — that's what fairness in action should look like and what building a Bermuda that works for everyone is all about.”