The Opposition and Government traded barbs in the House of Assembly over the island’s economic health throughout a protracted debate over the 2026-27 Budget.

Jason Hayward, the Minister of Economy and Labour, said he had come with low expectations for the One Bermuda Alliance’s response, but found himself still disappointed by its proposals and how they would be funded.

Mr Hayward claimed the OBA sought to paint a picture of doom and gloom, describing Bermuda’s economy as “stalled”, when statistics showed GDP growing.

Mr Hayward maintained that economic growth could not solely be attributed to international business, while other sectors showed year-on-year job increases.

He said the latest Budget delivered a “significant dent” in debt, accompanied by investment in infrastructure and housing.

Jarion Richardson, the Shadow Minister of Cabinet and Digital Innovation, acknowledged the island’s expected surge in revenue, but added: “Bermuda is reliant on outcomes, not intentions.”

Mr Richardson warned the OECD could change its rules, and corporate income tax revenues would vary.

He highlighted “bed blockers” at the hospital, adding: “I am extremely interested in hearing the health debate, because if we spend another year on the merry-go-round that is hospital beds in the hallways, then we will have missed this once-in-a-lifetime opportunity.”

Mr Richardson also said housing reform was needed ahead of band-aid solutions.

Jamahl Simmons, PLP backbencher, said the OBA’s Budget Reply called for additional social spending without detailing how it would be paid for.

He added: “This Budget delineates the clear difference between those who will make promises they will never have to keep, and those who will have to live with the consequences.”

Michael Fahy, the Shadow Minister for Municipalities and Housing and Home Affairs, said a national housing plan was promised for 2025-35 but appeared behind time despite a “bonanza of money” coming.

Mr Fahy said the OBA would support “efficient, cost-effective” housing measures, urging the Government to convert buildings it already owned to residences, and calling for action on “stuck” landlord-tenancy legislation.

He cast doubt on “the basket of goods” programme implemented by Alexa Lightbourne, the Minister of Home Affairs, calling the CIT windfall “a stroke of luck in timing” for the Government.

He added: “The Premier and Minister of Finance, in my opinion, has been playing Russian roulette for far too long, and the only reason he has come up trump is by pure luck.”

Diallo Rabain, the Minister of the Cabinet Office and Digital Innovation, told MPs the OBA had left Bermuda “in a deep hole” in 2017, citing a $135 million deficit and the towering mortgage guarantee for Morgan’s Point, while Bermuda now stood on its “strongest financial position in a generation” thanks to strict fiscal rules.

Ben Smith, the Leader of the Opposition, said that while Budget figures appeared positive, shuttered businesses and families struggling for affordable homes showed not everyone saw the benefits, while parents remained concerned about the future of public education.

Mr Smith added: “The teachers are frustrated, the parents are frustrated. Everyone here wants the result to be what is best for our young people.”

Mr Smith said tourism was booming in other islands, while Bermuda had yet to attain pre-pandemic levels.

While the island had “a lot more cruise boat visitors”, he said that without stronger air arrivals, “the numbers are not growing the way they need to grow”.

Jaché Adams, the Minister of Public Works and Environment, said the post-pandemic economy had rebounded, with local business matching the international sector for driving growth.

Scott Pearman, the Shadow Minister of Legal Affairs, called for targeted support rather than broad tax relief.

Mr Pearman said: “It’s about giving more to those who actually need it most.”

Curtis Dickinson, PLP backbencher and a former Minister of Finance, said the Budget struck a balance between fiscal prudence and helping the public, while the Government had avoided incurring additional debt.

Mr Dickinson pointed to items he would have liked see, such as greater trash collection in densely populated areas, and more investment on the island’s roads. He also called for a repeal of the sugar tax.

He added: “It is my view that the single item that has been affected the most by the sugar tax is bottled water. Last time I checked, there is no sugar in that.”

Owen Darrell, the Minister of Tourism, Transport, Culture and Sport, said the Government would invest to ensure the “fleet remains fresh” for dependable public transportation.

Robert King, Shadow Minister of National Security, said “serious crime rates have risen drastically”, with “current measures” failing to deliver. Mr King also faulted the “overwhelming” traffic accidents afflicting the island’s roads.

Zane DeSilva, the Deputy Premier and Minister of Housing and Municipalities, said that since 2017, the Government “promised and delivered”, including increases on seniors’ annual pensions.

He declared himself buoyant over plans to build 100 homes in 18 months, adding: “And, if I have my way, we may build 400 homes in 18 months.”

David Burt, the Premier, said the Budget brought hope and opportunity, cutting taxes with significant investment in Bermuda’s future.

Mr Burt said the Government had worked with international business to craft the CIT, rather then being “forced” into the position of other jurisdictions.

He said: “We made the decision that we could get it done and work with international business to make sure it happens.”

Mr Burt said the work had paid off, with debt paid down concurrent with a sovereign wealth fund for the future.

He said: “While other countries are still suffering from deficits after the pandemic, this country delivered a surplus.”

Mr Burt also called it intellectually dishonest to discuss targeting taxes without overhauling the overall tax regime.

He added: “Our record as a government is clear. We cut taxes for working people.”