The Progressive Labour Party has defended the Government’s 2026-27 Budget against criticism from the Opposition, insisting “relief should reach the many, not the few”.

In a statement after the reading of the Budget, the ruling party said the newest fiscal plan helps to “massively” cut debt and taxes while lowering costs for families, increasing healthcare, and supporting young people and infrastructure.

The PLP said it showed it could do “what the One Bermuda Alliance never could — reduce debt, strengthen the economy and support Bermuda families”.

David Burt delivered the Budget on Friday for the last time as Premier and Minister of Finance, saying Bermuda was positioned to repay the island’s $605 million debt in full within a decade.

Other highlights included reductions in payroll tax, a $182 million capital investment and removing the final four cents per litre of customs duty on fuel for electricity generation.

Douglas De Couto, the Shadow Minister of Finance, criticised it for being “relatively short in vision” and merely patching up the “past failures of the PLP”.

He said the OBA would have focused on paying down the debt faster without neglecting social spending and would have put more away for a “rainy day” given revenues were projected to exceed $2 billion.

The PLP said the measures it is implementing would “erase” much of Bermuda’s debt while expanding housing supply, modernising infrastructure, and strengthening healthcare and the economy.

The statement said: “The OBA’s suggestion that debt reduction should go even further ignores the responsibility to protect services and sustain growth.”

It added: “We understand what they never did — leadership means reducing debt and building the foundations that keep Bermuda strong.”

The PLP said tax relief options offered “a clear and fair choice” by casting a wide net, and that narrower cuts would deny support to many “at a time when they need it most”.

“Despite the OBA’s revolving door at leadership, their ideology never changes. Balance sheets come first, Bermudians come last.

“While the OBA comments from the sidelines on behalf of the few, the Progressive Labour Party will continue to govern on behalf of the many.”