The Affordable Bermuda Agenda “falls woefully short on tangible long-term solutions” to lower the cost of living on the island, the Shadow Minister of Home Affairs said this morning.

Michael Fahy also claimed that the savings blueprint unveiled by the Government was “glossy” and lacked detail.

Alexa Lightbourne, the Minister of Home Affairs, said yesterday that one element of the plan — the Essential Goods Initiative — will see wholesalers and retailers team up with the Government to guarantee consumers savings on everyday items to address the cost of living.

The scheme will be launched on November 1 and is to result in a reduction in the prices on everyday items such as baby formula, rice, toiletries, dairy products and cleaning supplies.

Under the partnership, wholesalers have committed to apply a 10 per cent reduction in the cost of designated brand products supplied to retailers.

The agenda said that retailers had agreed to apply a further 10 per cent reduction at the shelf.

It said consumers would be guaranteed savings on participating brands for a nine-month period.

But Mr Fahy said the reductions amounted to the “one apparent major initiative” announced by Ms Lightbourne.

He added: “Now, no one will kick a gift horse in the mouth. But it is worth reminding the people of Bermuda that the OBA negotiated a 10 per cent reduction of all groceries on Wednesdays for far more than nine months.

“The devil in this will be in the detail. It always is. Remember, the PLP was elected in February and the discount initiative will start November 1.

“So, it took nine months to come up with something so obvious. Not much progress really.”

He said the One Bermuda Alliance would better the scheme as it had proposed more targeted electricity reductions for low-income earners.

Mr Fahy added: “We proposed changing planning laws to allow for different building materials to lower the costs of construction.

“We proposed subsidised shipping costs. We suggested ways to increase our population to help spread the cost loads.”

He said the OBA was “flattered” that the Progressive Labour Party government took a lead from the Opposition’s book in negotiating with grocers and wholesalers.

“Overall, lots of rhetoric for the Government, and slack on detail. I don't think the many consultants in the ministry earned their keep on this one,” Mr Fahy said.

The Government said that the scheme came after a meeting in August with retailers and wholesalers to develop and advance practical solutions to mitigate the cost of living.

It followed research and analysis conducted by the ministry on possible recommendations shared at the Cost of Living Summit held in June.

It was also crafted with inputs from 2,200 residents and 270 business who shared their experiences in a cost-of-living survey to shape the agenda.