De Couto: Budget relatively short on vision
The 2026-27 Budget presented by the Premier “is relatively short on vision”, the Shadow Minister of Finance said this afternoon.
Douglas De Couto also said that the One Bermuda Alliance felt “complimented” since the fiscal plan includes ideas proposed earlier by the party.
He said that when the corporate income tax regime was implemented, the party was consistent in its “messaging of what Bermudians needed to know about what could happen with the CIT monies”.
Dr De Couto added: “In that sense we congratulate the Government for picking up on our ideas.”
David Burt told the House of Assembly today that total revenue for 2026-27 was estimated at $2.03 billion.
He said it was a “landmark achievement” as, for the first time in history, government revenue was projected to exceed $2 billion.
Given the magnitude of the sum, Dr De Couto said that the OBA would have “sought a lot more for a rainy day”.
He added: “We would have focused on paying down the debt faster and that doesn’t mean we wouldn’t do social spending.
“In fact, people should know that it was the One Bermuda Alliance which instituted the progressive payroll tax.”
He said that over the years the PLP government tweaked the tax, adding that “they haven’t come up with much difference”.
Dr De Couto said much of the revenue in the Budget came from CIT windfalls, inflation-driven gains and payroll contributions from international business.
He said: “Spending more today will not fix structural problems in healthcare, housing, education or youth employment.
“While the Premier celebrated his successes, we ask Bermudians: how have the past nine years been for you?
“Without debt, there would be no need for record repayments.
“If the economy were truly sustainable, Bermudians would not face structural challenges in housing, healthcare and education.”
Dr De Couto said the Budget “patches past failures of the PLP government rather than delivering lasting solutions”.
He said: “The Premier’s focus on numbers is largely about fixing the problems his government created, rather than delivering the underlying reforms that genuinely improve lives.
“This Budget does contain positive elements, and we support initiatives that genuinely help seniors, caregivers and healthcare facilities. But Bermudians should feel underwhelmed based on this total package.”
The shadow finance minister said that while the Premier promised a “fairer and better Bermuda”, he failed to explain how the requisite measures will materially improve the lives of seniors, workers or families.
Dr De Couto noted that the Government proposed funds for school buildings but accused the PLP administration of failing to fix the island’s education sector, adding that students are ill-prepared to compete globally or even locally.
“Infrastructure alone cannot fix decades of underperformance that have burdened Bermudian families,” he said.
The OBA MP added that youth employment was ignored, and urged the Government to focus on using its own empty sites and buildings to bring relief to the housing sector.
Dr De Couto said no mention was made by Mr Burt on the cutting of sugar tax nor voting reform.
He said that the Government has made a commitment to implement voting reforms by October; however, “it’s hard to see” how the promise will materialise by then.
Mr Burt also proposed the implementation of universal healthcare measures by October but Dr De Couto said no details were provided by the Premier on plans for the scheme.
The Shadow Minister of Finance said that the OBA would support the introduction of a Debt Management Committee, which Mr Burt said will guide the next phase of the island’s debt reduction plan this year.
He said a $3 million allocation announced by the Premier for community improvement projects put forward by MPs in constituencies “sounds nice” but he questioned whether the money would be granted fairly.
He asked: “Are you [opposition MP] going to get the same attention that a government MP gets?
“It sounds good on the surface … the devil might be in the details … and we do have concerns that it could be a slush fund for government MPs.”
• To see the Budget Statement in full, see Related Media
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