The Chamber of Commerce has applauded highlights in the new Budget, but has told government officials that more must be put on the table for discussion.

This came as the association of business representatives signalled its intent to become more active in voicing business concerns, and in engaging the community to widen the input into public policy discussions.

Marico Thomas, just reinstalled last week as chamber president, addressed a record crowd at the Budget Breakfast yesterday at the Hamilton Princess & Beach Club, after David Burt, the Premier and Minister of Finance, outlined key aspects of his new Budget.

Mr Thomas accepted that the Government was making significant progress in addressing Bermuda’s issues.

He noted the expected return to a budget surplus, which would be the first in 21 years, as a milestone and the introduction of corporate income tax as an important step on the road to fiscal reform.

The chamber, he said, wanted to work with those focused on building a better Bermuda.

He said: “Achieving a strong economy and supporting successful employees will require open dialogue and a shared understanding across the entire community.”

But he added: “The increase in net debt despite the surplus, the downward adjustment in CIT revenue forecasts, and the shift from full to partial bond repayment all warrant further clarity.”

His membership also had a list of concerns: “Retailers and wholesalers, who employ thousands, continue to face sustained pressure from declining volumes and tightening margins.

“While the increase in the personal duty exemption may bring welcome relief to consumers, it also underscores the need to support local businesses navigating an already challenging environment.”

“The chamber remains concerned about the potential impact on the variety, value and availability of goods available on island.

“In the restaurant sector, we highlight a longstanding tax imbalance, where takeout and counter-service establishments are taxed more heavily than full-service dining restaurants.

“Definitions that once served a purpose are now creating confusion and unfairness within an industry and society that have moved on. The industry would benefit from an updated and equitable classification system that reflects today’s operating model.”

He spoke of the need to make adjustments in a changing world that was significantly impacting the island.

But he said the chamber’s official response to the Budget, coming in the days ahead, will also touch on broader challenges such as immigration reform, healthcare funding and workforce development.

Mr Thomas expects continued engagement with government and community leaders to advance practical, collaborative solutions to the “pressing national challenge” of housing.

He said: “At the chamber, our aim is not simply to react, but to contribute constructively to Bermuda’s national dialogue.

“We do this by offering data analysis, insight and partnership. We appreciate the minister’s willingness to engage — not only today, but throughout the year — and we welcome the opportunity to ask questions and work together towards shared outcomes.

“Because at the end of the day, fighting together for a stronger economy isn’t just a slogan — it’s our commitment. One that we carry forward in every conversation, with every partner and on behalf of every member we represent.”