All options will be on the table as Bermuda starts to look at ways to kick-start the battered economy, the finance minister revealed last night.

Curtis Dickinson said the Economic Advisory Committee, which he will head alongside ten other people from key sectors of the economy, will hold its first meeting next week.

Mr Dickinson added: “What I want is bold ideas about how we transform this economy.”

He said that the crisis presented a unique opportunity to do things better in the future.

Mr Dickinson added: “Over the last few weeks I’ve been overwhelmed with suggestions from all over the country about how we can do things differently.”

He said new ideas would be aired in the committee and that its members — who have not been identified — were excited to be asked to play a role in shaping Bermuda’s future.

Mr Dickinson added that the committee would seek advice on the creation of short, medium and long-term strategies for job retention and economic growth.

Among the committee’s responsibilities are:

• To solicit and obtain information and ideas about the functioning of the economy and potential recovery initiatives

• Provide prioritised recommendations on the design, implementation and evaluation of policies to promote growth, create jobs and improve the long-term prosperity of Bermuda

• Provide analysis and information for the healthy functioning of the economy

• Engage with subcommittees as needed for the development and implementation of approved recommendations

• Review, assess and propose changes to government and government corporate bodies, and agencies.

Mr Dickinson said the committee might set up a network of subcommittees to represent different sectors, such as business owners and industry associations, other key individuals and the public service.

He added: “Subcommittees are anticipated to have an industry focus and may include tourism and hospitality, technology and infrastructure, financial services, retail and services, social services and healthcare, and development and construction.”

Mr Dickinson said the Senate passed legislation yesterday to permit people to make a one-time withdrawal of up to $12,000 from their occupational pension plans. Plan administrators will have 20 working days to make a payment to an approved applicant.

The Senate also passed regulations to allow retirees to access up to 25 per cent of their pension fund account balance, as long as they had reached the normal retirement age of 65.

• To view the finance minister’s statement in full, click on the PDF link under “Related Media