Proposals from the One Bermuda Alliance include scrapping the sugar tax and a review of Belco charges to see if the cost of fuel could be reduced, the party said today.

It added that the OBA has no plan to grant status to long-term residents if it is elected to govern in the General Election on February 18.

Douglas De Couto, the shadow Minister of Finance insisted that the OBA would be “better stewards” of the country’s finances by creating an environment in which the economy would grow and by targeting resources where they were most needed.

He said: “We believe in a growth mindset, and increasing the size of the economic pie for all.

“While there is an important and necessary role for direct government support for those in need, we aim for a future where fewer people even require that support, because they have the opportunity for success.”

Dr De Couto listed plans to cut red tape and bureaucracy, make government contracts available to all and attract foreign and local investment as initiatives that could boost economic growth.

He said: “A growing economy will also attract a larger working population, helping with costs like healthcare and pensions, which can be reduced by spreading them over a larger, younger and healthier population.”

Addressing the rising cost of food, Dr De Couto said that an OBA government would immediately abolish the sugar tax — introduced in 2018 by the Progressive Labour Party.

He added: “We’ll work with importers, distributors and retailers to ensure that savings make it to the costs of goods experienced by Bermudians.

“We will also work with local farmers and fishermen to increase local food production.

“For example, rather than bringing in expensive foreign consultants pitching high-tech and energy-intensive vertical farms, we’ll work with our experienced local farmers on ‘right-tech’ solutions that work for Bermuda.”

Owen Darrell, the Minister of Tourism Culture and Sport and a PLP candidate, last week attacked the OBA’s appointment of Michael Fahy as an election candidate, describing the nomination as “shocking”.

Mr Fahy served as the Minister of Home Affairs for three years when the OBA was in office between 2012 and 2017, and was instrumental in drafting a Pathways to Status policy that would give status to foreigners who had been resident in Bermuda for 20 years or more.

Asked today if a Pathways to Status policy was on the OBA’s radar, Dr De Couto said: “It’s not been in our platform for the past five years, it’s not in our platform now.

“What we want is jobs, we want people working and we want investment.

“We’re not talking about status. We’ve never discussed status in our caucus, it’s not viewed as a necessary requirement for achieving the goals.”

Dr De Couto said that, if elected, the OBA will give the Regulatory Authority stronger powers “to keep electricity costs in check”.

Asked to give details, he said that energy provider Belco enjoys a 7 per cent profit margin.

He said: “It may be that that number is not the correct number for Bermuda.

“It may be that Belco would have to get paid less if that was in the national interest. That’s something to consider.”

Dr De Couto also said that foreign investors were key to growing the economy and took aim at the Government’s record.

He said: “We will aggressively market to and seek them out rather than fly to Dubai and Caricom, we will get actual projects and investments working on the ground today, that hire Bermudians and use Bermudian firms.“

Referring to Gencom, the company that bought the Fairmont Southampton and acquired Westend Properties, which is taking the resort through a major redevelopment, Dr De Couto said: “The PLP passed legislation to give huge tax incentives to a company that couldn’t even pay redundancy pay to it workers. The Government had to step in.

“Most people would say ‘that’s not the kind of business I want to do business with’.”

He claimed that "despite all the words to the contrary, activity at that site is very low“.

By contrast Dr De Couto said that a number of hotels were built under the previous OBA administration.

He added: “Those were actual projects on the ground that brought investor dollars to Bermuda — and investors who showed up with their money ready to do the work.”

Westend Properties said last week that about 50 construction workers were regularly involved in renovations at the iconic resort.

Dr De Couto also claimed that healthcare costs could be reduced by rooting out inefficiencies.

He said: “Some Bermudians can’t afford any healthcare, some can’t retire for fear of losing healthcare and others struggle with prescription and co-pay costs.

“We will ensure that everyone in Bermuda can get good healthcare with good health outcomes, at an affordable cost.

“We will do this by working collaboratively with our healthcare professionals and insurers, not threatening to lock them up.”

He accused the Government of “borrowing” money from the Sinking Fund to reduce health insurance costs and added: “For those who need that, it’s important, but it’s not sustainable.“

Dr De Couto said that services for seniors would improve under the OBA.

He noted: “Many individuals struggle to afford basic necessities as they age, and many families struggle to pay for care for their elders, including food, housing and professional assistance.

“That’s why so many seniors are stuck in the hospital, when they should be somewhere dignified, comfortable and cost-effective.

“We’ll support better services for our seniors, whether it be to support independent living, or provide them a safe place to live with appropriate care.”

When it was pointed out that the last OBA administration increased pension payments just once, while payments have risen multiple times under the PLP, Dr De Couto replied: “We support the concept of increases.

“We have to figure out how to pay for it and the current government under David Burt has no plan how to pay for it. They’ve kicked the can down the road.“

• Comments are closed on political content from February 1 to February 19 to stem the flow of purposefully inflammatory and litigious comments during the General Election cycle. Users who introduce extreme partisan comments into other news content will be given a two-week timeout