“The 2020 Living Expenses Commission Amendment Act will come into force today,” Finance Minister David Bert said in Congress today. [June 17]..
The Prime Minister said:
- Increasing authority for the chairman of the Living Expenses Committee to request information from retailers
- The authority of the minister in charge of consumer issues to declare goods essential
- Authority to require retailers to report the price of essentials to the Living Expenses Commission
“The law that comes into force today includes a provision that retailers must report the prices of their necessities to the Living Expenses Commission, which is a government that lowers tariffs on key commodities recommended by the Living Expenses Commission. This means that the public can track changes in the prices of 34 essentials, following the move.
“Unfortunately, the Bermuda government has no control over the cost of food, and because food prices are rising globally, these challenges are not unique to Bermuda. Equally annoying, interest rates are short-term. Expected to rise significantly, which means the Bermuda Islands will pay more for loans and mortgages that put more pressure on households.
“Before the house is built on July 15, the government will provide this prestigious house with a comprehensive package to tackle the challenges facing rising food costs.
“Government’s achievement of budget targets is essential to Bermuda’s economic future, so there is a limit to the support it can provide. Global inflation is expected to continue for the foreseeable future, leading to the world’s largest economic recession. With the increasing number of economists expected, and in the United States, the United States’ largest trading partner, all residents must be wise about their spending choices. “
The full text of the premiere is below.
Chair, I stood up today to report to this prestigious home that the 2020 Living Expenses Commission Amendment Act will come into force today, June 17, 2022.
Chair, the law passed Congress in June 2020, but when I resumed my duties as Minister of Finance, I realized that the bill would never come into force. To remind the members and audience of this prestigious home, the 2020 Living Expenses Commission Amendment Act stipulates:
- Increasing authority for the chairman of the Living Expenses Committee to request information from retailers
- The authority of the minister in charge of consumer issues to declare goods essential
- Authority to require retailers to report the price of essentials to the Living Expenses Commission
The Chair and Living Expenses Committee met five times under the leadership of the Honorary Vice-Chair, a member of Hamilton East. And I was given a recommendation from the committee.
Mr. Speaker, in April I met with the Chair to discuss recommendations from the Living Expenses Commission on the mandatory baskets of 34 commodities and recommendations on tariff reductions on those compulsory items. At that meeting, I advised the Chair to enact the 2020 Living Expenses Commission Amendment Act to allow the government to formally declare products recommended by the Commission as mandatory commodities.
In addition, Mr. Speaker said at the meeting that the government would consider lowering tariff rates on recommended necessities, which have not yet reached 0%, except for sugar, in order to enable price cuts.
Speaker, this isn’t the first time the government has acted to reduce tariffs on food. In this PLP government’s first budget, offered in this prestigious home in 2018, the government has eliminated tariffs on: eggs, potatoes, cauliflower, broccoli, carrots, turnips, oranges, apples.
But while the obligations on these items were lifted in 2018, Speaker said many haven’t seen these cuts passed on to consumers. Mr. Speaker, the law coming into force today includes a provision that retailers must report the price of their necessities to the Living Expenses Commission. This means that the public can track changes in the prices of 34 essentials, following the government’s move to reduce tariffs on key commodities recommended by the Living Expenses Commission.
Mr. Speaker, living expenses have long been a challenge for all of us in Bermuda, and this government acted in March to freeze pumped prices to February levels, and we are for policy. We are looking at rent stability, but within the government, food prices that we cannot control are skyrocketing. The latest official figures show a 5% year-on-year increase, but there are many items that have seen a significant year-on-year increase. As an example, it was reported in January that frozen spareribs increased by 28% over the year.
Sadly, Mr. Speaker, these challenges are not unique to Bermuda, as the Bermuda government has no control over the cost of food and food prices are rising globally. Equally annoying, interest rates are expected to rise significantly in the short term, which means Bermuda will pay more for loans and mortgages that put more pressure on households.
Chair, the government is aware of the challenges facing residents and helps them freeze gasoline prices, reduce payroll taxes for people under $ 96,000 a year, reduce vehicle license fees, and increase concessions to employers. I went to. I have to do more. In this year’s budget statement, filed on behalf of the government in February, I pledged that there is a bailout now and that more will be bailed out in the future. And this government fulfills that pledge.
Chair, before the house is built on July 15, the government will bring this prestigious house a comprehensive package to tackle the challenges facing rising food costs. This package is currently being produced by the Treasury and will be discussed at the next Cabinet meeting.
But Mr. Speaker, the government’s ability to meet its budgetary goals is critical to Bermuda’s economic future, limiting the support the government can provide. Global inflation is expected to continue for the foreseeable future, the number of economists predicting the world’s largest economic recession is increasing, and in the United States, the United States’ largest trading partner, all residents have a choice of spending. Must be wise about. These are uncertain economic conditions, especially as the government deals with economic reconstruction after the coronavirus pandemic and provides the relief that many people need, while being financially cautious.
To conclude, Mr. Speaker, I would like to thank the Chair and the members of the Living Expenses Committee for the work so far. This wasn’t an easy task, but it will be made easier with the enforcement of the Living Expenses Commission Amendment Act of 2020.
Thank you speaker
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