An independent senator told the Upper House that “one pot of money” was carrying the island’s economy, singling out the importance of the international business sector.

Tawana Tannock said while she supported the Government on aspects of the 2026-27 fiscal plan, more could be done to ensure Bermudians benefit from “that one pot”.

Ms Tannock noted a “two-Bermuda narrative”, adding: “Let’s make one clear, there is one Bermuda.”

She said the 2025 economic report released this February placed international business and financial insurance in separate categories, “which in fact we all know is international business”. Combined, they accounted for 49.1 per cent of the island’s Gross Domestic Product.

She said: “So when we’re talking about two Bermuda’s, let’s make this one thing clear.

“It’s one industry that is driving and fuelling our economy.

“And it’s that one industry that we have to determine how we are going to meet the needs of the industry and how we are going to meet the needs of the people.”

She said the island had failed to ensure that all members of society felt “equally advantaged by that one pot”.

Ms Tannock said she supported the Budget’s boosts to social programmes, as other senators provided their input.

Her comments came as senators debated the Appropriation Act 2026 together with the Budget, initiated by Crystal Caesar, the Minister of Education.

Victoria Cunningham, the deputy chairwoman and Opposition leader in the Senate, emphasised education as “the one investment that shapes every other outcome that we will debate in this Chamber”.

“When education works, it changes lives quietly but permanently. When it doesn’t, the consequences echo for decades.

“That is why a modest increase for education, in a year of strong revenues and expanding government spending, should give us pause.”

The Ministry of Education was allocated $156.5 million for 2026-27, an increase of 5 per cent.

Ms Cunningham highlighted the below-average results from the Cambridge Checkpoint and IGCSE exams, recently highlighted in The Royal Gazette.

“The Budget must show how we should change. This is not primarily how much we should spend; it’s about what we will get for it.

“With more funding, outcomes have not improved at the pace Bermudians expect.

“We are insisting on accountability for results.

“The approach the One Bermuda Alliance has consistently advocated for is simple and disciplined; focus where it matters and prove that it works, early intervention in literacy and numeracy, stability with accountability so schools can embed what works and report it plainly, teachers at the centre, technology supporting learning, and transparent, simple scorecards so that parents can see progress without spin.

“Education needs independent accountable governance that puts student outcomes ahead of politics and process. That is how you build trust, accountability and results.”

David Rogers, the latest addition to the Senate, sitting for the Opposition, gave his maiden speech focusing on the corporate income tax.

Mr Rogers, who replaced Dion Smith in the Upper House, said he was pleased with the Budget and that the island was “at last seeing fiscal breathing room”.

However, he added: “This surplus alone is not success. What we have is a fortunate revenue position, not proof that our domestic economy is thriving.

“With opportunity comes responsibility; the responsibility to use temporary gains to create permanent strength.

“This Budget, whether intentional or not, makes fundamental shifts in how Bermuda is funding its government. It heralds the rise of the CIT.”

He said the rise and fall of the balance sheets of just a few large companies subject to the tax had become “the primary driver of our nation’s future”.

He emphasised “this is a windfall, not a foundation”.

“If we are not careful, today’s surplus could become tomorrow’s crisis.”

He added that structural reform was needed to improve access to affordable housing and healthcare, and quality education.

Lauren Bell, an Opposition senator, said the island’s “stability and continued growth reflects disciplined policymaking and prudent fiscal management”.

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

The Government also projects total revenue of $2 billion, with a budget surplus of $472.7 million.

Ms Bell said it confirmed that the island’s “fiscal position is stronger than any other time in the past 20 years”.