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Fuel prices have been raised in the Budget for the second year, meaning that come April the price of gasoline will have been hiked 13 cents per litre in just over a year. The duty on fuel, which went up by five cents in last year’s Budget, acquired a...

The message in the Budget with regards to Bermuda’s dwindling population was clear — “we need growth to grow opportunity”. During his Budget speech, Minister of Finance Bob Richards said that the island’s immigration “doctrine” dates back to when Ber...

Minister of Finance Bob Richards has defended his proposed introduction of a 5 per cent services tax next year. In his 2016-17 Budget statement yesterday, the Deputy Premier briefly detailed his plan for a general services tax, which is scheduled to ...

More than $1.8 billion will be spent from public and private funds in infrastructure projects over the next five years, according to the 2016-17 Budget statement. Among the items listed in the statement are the controversial $250 million airport rede...

In some ways, the Budget is a marvel of concise brilliance. In other ways, it sidesteps the most pressing structural issues of our time. To the first point: the finance minister did what he had to do. He has taken decisive steps to reduce the defic...

Local business welcomed the Budget yesterday, but warned that Bermuda’s finances will take time to improve. John Wight, president of the Chamber of Commerce, singled out continued effort to reduce the deficit and advance warning of changes to the tax...

Sustainable development must remain central on the road to fiscal sustainability, according to Greenrock. Described as one of three “mega-trends”, Bob Richards partially credited the drop in oil prices to the island’s recovering economy, in his Budge...

Finance minister Bob Richards warned yesterday that an international crackdown on offshore jurisdictions could wreck the economies of the developed world. The stark warning came in the Budget speech as Mr Richards said that an attempt spearheaded by ...

Wage packets will be hit after an increase in payroll tax and motorists will have to fork out more at the pumps after Bob Richards, the Minister of Finance, unveiled his Budget statement in the House of Assembly yesterday. Residents will also face a ...

Bermuda’s international business chiefs said they would swallow increased taxes if the Government continued to cut its costs and pushed ahead with reforms in the public service. Insiders added that the sector wanted to see the Government live up to i...

Government spending figures for the fiscal year ahead show a $7.3 million drop, reflecting the shift of the Department of Civil Aviation into a quango. The move had been announced last month by Shawn Crockwell, the Minister of Tourism Development and...

Bob Richards yesterday spelt out the danger to the country of failing to tackle the Government’s debt mountain, while announcing an annual budget that will add to it. The finance minister said the debt burden “undermines our ability to support the ne...