Mr. Speaker, 

I rise today to update this Honourable House and the people of Bermuda on the progress being made by the Ministry of Home Affairs in addressing one of the most pressing and persistent issues facing our community, the cost of living. 

Mr. Speaker, as outlined in the 2025 Speech from the Throne, this Government remains committed to advancing targeted, evidence-based reforms that enhance affordability, protect consumers, and promote fairness. To support this goal, the Ministry of Home Affairs has been tasked with leading the development of a Bermuda Cost of Living Strategy, a national framework that seeks to address the costs and propose actionable solutions that deliver relief to those living and working in Bermuda.  

Mr. Speaker, as part of this work, the Ministry has built on the work of existing reports and led its own public engagement efforts, including the completion of two national surveys: one focused on the lived experiences of residents and the other on the realities faced by local businesses. These surveys received responses from over 2,000 residents and 200 businesses, a clear demonstration of how deeply this issue resonates across our island. The Ministry also commissioned a focus group with private-sector stakeholders and further has engaged in a series of one-on-one engagements with business owners. 

Mr. Speaker, the findings reveal that nearly 70% of residents report moderate to extreme financial strain, with housing and groceries emerging as the most unaffordable necessities. Businesses, on the other hand, point to labour costs, regulatory fees, energy costs and high rents as key barriers to affordability. While some relief measures are already in place as an extension of the recent 2025 Budget cuts led by this Government, there is a clear call from both the public for broader and more targeted interventions, including expanded tax relief, enhanced landlord-tenant protections, subsidies for essentials, and greater regulatory streamlining. 

Mr. Speaker, building on the feedback and recommendations, the Ministry will convene a Cost-of-Living Summit on June 25, 2025, at the Hamilton Princess Hotel. The Summit will bring together key stakeholders, including industry leaders, government agencies, consumer advocates, and members of the public. It will serve as a key milestone in our national affordability agenda, providing a platform to present findings, validate solutions, and secure formal commitments to action. Participants will engage in structured dialogue, supported by data, to shape immediate and long-term responses. 

Mr. Speaker, the expected outcomes of the Summit include the publication of a comprehensive report outlining policy recommendations, sector-specific commitments, and immediate next steps for implementation. In the third quarter, the Ministry will present proposed legislative and regulatory amendments and will launch communications efforts to ensure continued transparency as we advance this critical work. 

Mr. Speaker, the cost-of-living is impacted by every person living in Bermuda. The Ministry of Home Affairs and in collaboration with our partners, is committed to turning insight into action. We recognise that there are no quick fixes, but we have evidenced our commitment to swift thoughtful action and are willing to leave no stone unturned as we work on behalf of the people of this country.  

Mr. Speaker, the Cost-of-Living Summit represents an opportunity to refine our approach and to work collectively toward a more affordable Bermuda. We will continue to update this Honourable House and the public as we progress from insight to implementation, because the people of Bermuda deserve nothing less. 

Thank you, Mr. Speaker.