2014 Throne Speech: A brief summary of the Parliamentary Agenda
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The Governor George Fergusson delivered the annual Throne Speech on November 7, laying out the Bermuda Government’s plans for the upcoming year. Economic recovery will continue to be the national priority, the Government announced. This speech marked the opening of a new parliamentary year, the third under the new One Bermuda Alliance Government and the first under their new party leader and Premier Michael Dunkley.
Government has promised to pursue a two-track strategy to grow the local economy, the primary aim being to invigorate the two principal engines of the economy: international business and tourism. The goal is to rebuild investor confidence in Bermuda and, through greater foreign investment, create more jobs and opportunities for Bermudians.
Chief among their announced plans are:
- Changes in corporate law. Chief among these being the creation of a new limited liability corporate vehicle, to be known as the Bermuda Limited Liability Company (LLC), with a view to making the Island more competitive chiefly in the private equity arena;
- Reforms to immigration policies and practices;
- Negotiations for new hotel developments which Government proposes to spur by enhancing the Hotel Concession Act to better assist tourism developers and investors along with the introduction of gaming; and,
- The development of Bermuda as the site for the prestigious America’s Cup.
At the same time, Government has also promised to bring a halt to the unsustainable cost of government through strict spending controls, new efficiencies, contract negotiations and public reform.
“In the simplest terms”, the 2014 Throne Speech explained, “ Bermuda is being tested by an economy no longer big enough to meet the needs of many Bermudians, and by cost and debt pressures that, if left unchecked, threaten the Island’s solvency and financial independence.
“The situation is deeply challenging.”
The entire Throne Speech may be found here: 2014 Throne Speech