2026/27 Budget Overview and Economic Priorities

Premier Burt Outlines Budget Actions And Economic Priorities at Sandys Rotary Club

08 April, 2026

Premier and Minister of Finance, the Hon. David Burt, JP, MP, spoke with members of the Sandys Rotary Club on 1 April, where he provided an overview of the 2026/27 Budget and discussed Bermuda’s economic and fiscal direction.

The Premier highlighted that the 1st of April marked the beginning of the new financial year and that the relief and reductions in the 2026/27 Budget were now in effect, including reductions in payroll taxes for workers and businesses, reduction or elimination of duty relief on more essential goods, reductions in private vehicle licensing and the elimination of fuel duty.

The Premier said: “It is fitting that I am speaking to you today, on 1 April, which marks the beginning of the new fiscal year. Today, your vehicle licenses have been reduced by a further 10 percent.

"Today, the duty on more essential goods has been reduced or eliminated. Today, the payroll tax on workers has been cut, saving them hundreds of dollars a year. Today, the final 20 percent of fuel duty has been eliminated.”

During his remarks, Premier Burt also reflected on the progress made since 2017 in restoring stability to Bermuda’s public finances, including achieving the country’s first budget surplus in over two decades prior to the introduction of Corporate Income Tax (CIT).

He also outlined how CIT revenues are being managed responsibly and confirmed the Government’s plan to fully repay the $605 million Government bond maturing in January.

The Premier detailed several of the Budget’s key actions and investments, including the full repayment of the $605 million Government bond maturing in January 2027, reducing Bermuda’s gross debt by 18 per cent and lowering annual debt servicing costs.

The Premier also highlighted:

Payroll tax relief for workers and businesses, with all employee and employer payroll tax rates either reduced or held steady, continuing a pattern of payroll tax reductions since 2018.

• The increased investment in healthcare, with a 23 per cent increase in funding for the Ministry of Health, including additional support for the Bermuda Hospitals Board and continued progress toward Universal Health Coverage.
• A $182 million capital programme supporting major infrastructure projects, including the Swing Bridge, the Tynes Bay Waste‑to‑Energy facility expansion, and upgrades to public schools and Bermuda College.
• Expanded investment in housing, with increased capital funding to accelerate the delivery of affordable homes on publicly owned land and continued construction of new units across the Island.
• Measures to ease cost‑of‑living pressures, including the elimination of the remaining customs duty on fuel for electricity generation, reductions and eliminations of duty on essential goods, and further reductions in vehicle licensing fees.

The Premier emphasised that the 2026/27 Budget balances immediate relief with long‑term sustainability, ensuring that improved revenues are used to strengthen public services, reduce debt and place Bermuda’s finances on a secure footing for the future.

The engagement included a question‑and‑answer session with Rotary members on the cost of living, healthcare reform, housing supply and Bermuda’s longer‑term financial outlook.

Premier Burt thanked the Sandys Rotary Club for the invitation and the opportunity to engage directly with members of the community.

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