An economist, businessman and former president of the Chamber of Commerce has offered a bold solution to Bermuda's economic challenges: look north.

With the Canadian dollar typically running 30 per cent cheaper than its American counterpart, Peter Everson sees a strategic chance to diversify trade and ease the island's massive cost of living pressures.

These pressures have been exacerbated by recent US tariffs, including a 25 per cent levy on imported vehicles and auto parts, and the prospect of further tariffs on goods from Canada, Mexico and China.

Because the Canadian dollar is typically so much cheaper, he said “therefore the cheaper costs at the point of origin should more than make up for the additional shipping costs.”

The strategy isn't just about saving money, but about strategic sourcing. Mr Everson suggests focusing on non-perishable goods — household cleaning products, dry goods and maintenance supplies like paint and lumber — where time isn't critical.

“It doesn't matter if they take a month to come here from Canada versus, say, a week from New York, because time isn't of the essence,” he explained. ​

Canada's proximity and status as a close ally make it an ideal trading partner, he added. “Halifax is about 850 miles due north. Canada is our closest ally, our closest neighbour that isn't the US, and obviously they’ve got a lower start point.”

The approach comes at a key time for Bermuda's economy, which Mr Everson describes as having been “getting weaker for 20 years in fundamental ways”.

The island faces a potential population crisis and workforce shortages.

In 2022, the Government said it would aim to raise the working population by 25 per cent over the next five years to address the rapidly ageing and contracting population, which fell to an historic low in 2022.

When it comes to addressing the cost of living, Mr Everson is sceptical of the approaches outlined by the Government in the Speech from the Throne this month.

Of the plan to expand the investigatory powers of the Cost of Living Commission to examine the books of businesses who supply food and other essential goods, he dismissed it as likely having minimal impact. It would have “ten times the impact” to source products from Canada instead, he said.

The economist was equally critical of other proposed fixes, including to expand the reach of the Regulatory Authority into areas it has not traditionally overseen.

“The history of the Regulatory Authority is well documented, and it's a body that's consistently underperformed,” he said, pointing to staffing issues. “They can't retain high-quality CEOs. They will leave because of the lack of will to implement what's best for Bermuda.”

Mr Everson's most passionate recommendation is a long-term fix — investing in education. With more well-paid jobs than Bermudians to fill them, he sees improving the public education system as critical.

“If in ten years’ time, the Bermudian students graduating have got a decent basic level of education, then they can migrate up into the better-paid jobs and therefore improve their standard of living strongly,” he said.