The Government’s decision to retire public debt, which comes due in January 2027, should be viewed as “a baseline fiscal responsibility, not a defining achievement“, the Free Democratic Movement has declared.

The political party said in an Opinion piece published today that the Government’s decision to use most corporate income tax revenue for debt reduction and financial assets was “prudent” but that it should be more aggressive.

The article, by party chairman Omar Dill, said: “The tax and duty reductions introduced are modest and largely symbolic in scale.

“More meaningful and durable reductions become possible only when long-term debt servicing costs are permanently lowered.”

Mr Dill added that increased funding in the 2026-27 Budget must translate into “visible improvement” in the daily lives of Bermudians.

CIT revenues presented Bermuda with a “rare” fiscal opportunity, and Mr Dill cited leadership as key to lower long-term costs, improve outcomes and “govern with discipline” when opportunity arises.

He said: “As the Premier closes this chapter, and with the imminent passage of this Budget, responsibility now shifts squarely to ministers to deliver measurable outcomes with the resources allocated to them.

“Increased funding must now translate into visible improvement in the daily lives of Bermudians.

“Likewise, an effective Opposition requires disciplined oversight and the presentation of fully costed alternatives so the public can see a credible governing vision.

“Bermuda deserves a debate grounded in numbers, policy and accountability.

“The rubber must now meet the road.”

On Friday, David Burt, the Premier and Minister of Finance, highlighted aspects of the revenue and spending blueprint for the 2026-27 fiscal year that he presented to the House of Assembly. He noted then that it was his final Budget delivery as holder of the two roles.

Highlights included CIT revenue projection in the fiscal year ahead of $753.2 million as well as the repayment in full of the $605 million senior notes in debt maturing in January 2027.

Mr Burt reported that the Government projects total revenue in 2026-27 of $2 billion, with a budget surplus of $472.7 million.

The FDM said that for years the island’s fiscal challenges were managed through borrowing.

However, it added, the CIT “has strengthened the balance sheet and created breathing room, but it has not resolved the inefficiencies and cost pressures embedded within our institutions”.

Citing the lived experiences of Bermudians, the FDM said: “The broader economy, as experienced by working families, still reflects high costs, uneven services and limited mobility.

“The true measure of any Budget is not how it reads on paper but whether it delivers measurable improvement in people’s lives, particularly in the core areas of infrastructure, education, healthcare and social services.”

It added that there were elements of the Budget that aligned with several of its “longstanding” principles.

The party said: “The FDM has consistently argued that economics is about more than revenue collection, it is about people.

“By lowering costs and reducing barriers, we build an interdependent Bermuda that empowers Bermudians, cultivates private sector growth, tackles the high cost of living and strengthens long-term resilience.”

The FDM also called for “clear performance standards and transparent reporting” to accompany investment in education.