Curtis Dickinson said the island faced a crossroads, as he officially put his name forward to succeed David Burt, the Premier, as the next leader of the Progressive Labour Party.

Making the announcement at Devonshire Recreation Club this afternoon, Mr Dickinson said the question that the party needed to ask was what kind of leadership the PLP, and the island, needed now.

He said: “We are at a turning point. Our people are feeling the pressures of rising costs, our young people are questioning whether opportunity truly exists for them, our seniors are wondering if stability and dignity will be there in their later years.

“Within our party, there is quiet but undeniable understanding that we must renew, we must focus and we must strengthen. We must deliver on the noble aspiration of a quality of life for all.

“I am offering myself because I believe I am prepared to lead in this moment, with clarity, discipline and purpose.”

Mr Dickinson said that during his tenure as the Minister of Finance, he helped to steward the island through a time of crisis, and had to take on tough decisions for national survival.

He said: “Leadership is not about holding an office; it’s about standing on principle.

“My vision for the Progressive Labour Party is simple but powerful: a party that is united, a government that is trusted, a Bermuda that is stable and also full of opportunity.

“We must be a party that speaks not only to our base but to the entire country, because the next General Election will not be won on history alone.

“It will be won on confidence. Confidence in our leadership, confidence in our direction, confidence that we are prepared, not just to govern, but to govern well.”

Asked what he had learnt from his unsuccessful bid to lead the party, Mr Dickinson responded that in 2022 he had a short window of time in which to act, and lacked sufficient opportunity to connect with as many people as he otherwise could have.

He said: “The lesson learnt from last time was to get engaged early and engage with people, hear their issues, make the case for why you want to lead.”

Mr Dickinson, who has more than 25 years’ experience as a commercial banker, entered politics in 2018, when he became an MP after winning the by-election in Warwick North East against One Bermuda Alliance candidate Justin Mathias with 375 votes to 300.

In the aftermath, he was quickly named Minister of Finance.

Mr Dickinson secured the seat for Pembroke South East in the 2020 General Election.

He abruptly resigned from his ministry on February 14, 2022, about a week before the Budget.

He later said that the reasons for his decision to leave the Cabinet included not being prepared to “compromise my principles” as finance minister.

Mr Dickinson added that the volume and form of government support for the redevelopment of the Fairmont Southampton Hotel were the primary reasons behind his decision.

In a statement to Parliament, he insisted that the Premier should not have claimed that a $50 million guarantee to Gencom, the developer of the island’s largest resort, had been agreed in 2019.

Mr Dickinson warned that extending tax concessions for the tourism industry could have “astounding” financial implications and, while he could support a guarantee for the Fairmont Southampton, it would need to be heavily scrutinised by MPs.

That October, Mr Dickinson ran against Mr Burt to lead the PLP, but was defeated by a vote of 97 to 56.

However, even before the vote, Mr Burt had announced that it would be his last term as party leader and that he would stand down this year.

Mr Dickinson is the second person to formally put his name forward after Jason Hayward, the Minister of Economy and Labour, who announced his bid for the leadership position at the party’s Founders Day event in February.

Mr Hayward told attendees at that event that he was ready to lead, stating: “I am prepared by experience, I am prepared by struggle and I am prepared by service.”