Government Delivers Budget Focused on Fairness, Relief, and Inclusive

Today, Premier and Minister of Finance the Hon. E. David Burt, JP, MP, delivered the 2025/26 Budget Statement under the theme, “Fairness in Action: Building a Bermuda that Benefits Everyone.”

At a time when countries across the globe are grappling with rising costs and economic instability, Bermuda is heading in a different direction, forward. Government revenues are up above the original estimates for 2024/25, inflation has decreased, and economic growth continues to outpace regional competitors. This success is not luck, it is the result of disciplined fiscal management and a long-term plan that is working.

Thanks to this progress, the Government has introduced a new range of targeted measures to support families and our seniors, ease financial pressures, and invest in the future of Bermuda. These include:

Expanded prescription drug coverage from $1,000 to $3,000 for HIP and from $3,000 to $5,000 for FutureCare, helping more Bermudians afford essential medications.
Annual medical exams for HIP and FutureCare recipients without copays.
A further 20% reduction on duty paid on fuel brought in to generate electricity. This brings the total fuel duty reductions by this Government to 80% over the last two years, saving the average customer $300 a year.
50% reduction in cell phone taxes, from $12 to $6 giving immediate savings to every mobile phone user.
Further 10% reduction in private car licensing fees.
Reduced duty on building materials such as air conditioners, paint, tile, steel, rebar, drywall, doors, windows, and bathrooms fixtures to 10% to help lower for new homeowners and builders.
A 50% Cut the Land Tax Base Rate to provide relief for homeowners.
The largest investment in infrastructure since 2008 to improve roads, schools, and public facilities.
Continued investment in education, community programs, and youth initiatives that provide alternatives to violence and gangs.

Premier Burt said, “The economic results did not occur by accident. They are a result of this Government's leadership and economic strategy. Yet these numbers mean nothing if we do not use this success to deliver a better for everyone. Working towards lower healthcare costs, lower energy bills, building more affordable housing, expanding access to preventative care and prescriptions, and making a safer Bermuda. That's what fairness in action should look like and what building a Bermuda that works for everyone is all about.”

The full 2025/26 Budget Statement can be viewed on CITV, on the Government of Bermuda YouTube Channel, or the Government of Bermuda website www.gov.bm/budget.