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The Bermuda Government will have to borrow another $125 million in the next fiscal year, adding to its $2 billion-plus of outstanding debts. Of the $800 million that the Government borrowed less than two years ago to see it through multiple years of...

Bermuda’s economy will be strong enough to withstand new tax increases, Finance Minister Bob Richards claimed as he read his Budget Statement to the House of Assembly yesterday. Mr Richards announced a host of hikes, including the scaling back of con...

Bermuda is likely to emerge from recession this year, according to projections by the Ministry of Finance. Analysts from the Ministry estimate that the economy will grow by up to 1.5 per cent next year. In the outlook section of The National Economic...

One of the weaknesses of democracy is that it encourages our political leaders to shy away from taking politically difficult actions that would serve the interests of their country in the long term, but would cost them popularity with voters in the ...

David Burt, the Deputy Leader of the Opposition and Shadow Minister for Finance, attacked the efforts of Bob Richards in the wake of this morning’s Budget statement. In a Progressive Labour Party released this afternoon, Mr Burt said: “In his third B...

A restructured banking sector is on the cards, Finance Minister Bob Richards said yesterday. Mr Richards, delivering the Budget speech in the House of Assembly, said that banks were still not pulling their weight in helping to kick-start the economy....

Bermuda’s crippling debt, the looming threat of redundancies and unpopular tax hikes may dominate news reports, but Finance Minister Bob Richards yesterday insisted that there was room for optimism about happier times ahead. Unprecedented investor in...

The latest Budget was strong on debt-cutting but short on heart when it comes to Bermuda’s people. This was the verdict from Martha Dismont, executive director of Family Centre, who asked: “How much are we actually investing in our product, which is ...

Finance Minister Bob Richards spent almost two hours presenting the 2015-16 Budget yesterday. His Budget increased Government revenues derived from taxes ($55.4 million, or 6.3 per cent compared with the revised estimate for 2014-15) and reduced spen...

Taxes are to go up and spending is to be cut by $33.1 million — and Finance Minister Bob Richards warned that public sector layoffs could come this year. The grim news came in the annual Budget statement, which imposed 3.5 per cent cuts across the bo...

Taxi drivers have expressed concern at the news that fuel prices will rise by five cents a litre from the beginning of April. Finance Minister Bob Richards announced yesterday in his budget speech that the tax hike is expected to raise about $9.6 mil...

Literacy should be a priority for spending in education in today’s Budget, according to the Bermuda Education Network. Executive director Becky Ausenda claims that nearly all the education experts within the network, including education officers, pri...