Dear Sir,

Ahead of the election, deregulation should be more of an issue. Bermuda’s economy is slow because it is hidebound, and ordinary people are the ones suffering.

In theory, for maximum economic health you need a perfectly free market, but this also comes with many negative effects. The market must therefore be regulated. However, in Bermuda today, regulation is too much and too complicated. It is also often performative or serves only narrow interests, such as a particular industry.

Quality of life in Bermuda has suffered from these constraints. The only political party that seems to take this seriously is the Free Democratic Movement, which is to be applauded. More candidates should be vying to take up this cause. In my view, the top three areas for deregulation are:

• Planning (to increase the housing supply)

• Financial services (to provide desperately needed competition)

• Immigration

This last area is famously contentious in Bermuda, but there are strong arguments in favour. Immigration control protects local jobs and wages only so far. Beyond that, it makes jobs disappear, which is what we are seeing. Furthermore, the system has not worked. Small, local businesses, as much as international business, make great use of foreign workers despite decades of anti-immigration laws. These rules harm the economy and make life harder for no discernible effect.

We also need a larger, younger population — both for Bermuda’s fiscal health and for a more dynamic economy. Fears about ethnic cleansing that the present government manufactured while in opposition have no basis in reality. A better economy would also encourage Bermudian emigrants to return.

Finally, our small island is simply more enjoyable when it is open to the world. These people bring new ideas, new friendships, new love and new blood. These are crucial to our wellbeing on this beautiful but isolated little paradise.

JOHN GIBBONS

Devonshire

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