Last week, the Association of Bermuda Insurers and Reinsurers, Association of Bermuda International Companies, Bermuda Business Development Agency, Bermuda Chamber of Commerce, and Bermuda International Long-Term Insurers and Reinsurers expressed their support for the Progressive Labour Party's balanced budget.

Additionally, they gave their full backing for our efforts to address the cost of living and our collaborative approach towards implementing the new corporate income tax.

Abir chief executive John Huff said: “Abir and its member companies applaud the Bermuda Government for achieving a balanced budget and protecting future generations from additional government debt.”

Danielle Riviere, the Bermuda Chamber of Commerce's CEO, said: “The implementation of the CIT reflects our island's agility and visionary planning, securing our position as a favourable location for multinational corporations in compliance with the [Organisation for Economic Co-operation and Development’s] latest tax guidelines.

“We commend the collaborative spirit shown by the Government and industry peers in developing a tax framework aimed at strengthening Bermuda’s economic position and attracting further investments.”

Christine Patton, Biltir executive director, said: “Biltir believes that the Bermuda Government’s introduction of the corporate income tax is a reasonable response to the challenges of the OECD-sponsored new international tax framework because it will ensure that taxes on Bermuda income stay in Bermuda, thereby allowing Bermuda to take aim at the cost of living and doing business in Bermuda.”

David Hart, chief executive of the BDA, said: “The positive news of a balanced budget sends a strong signal to overseas markets that Bermuda remains a premier domicile in which to invest.”

Our collaborative approach and listening to the expertise and concerns of experts is working and bearing fruit for the benefit of Bermuda.

Visitor arrivals are climbing and global ratings agencies are publicly recognising that the Bermuda Government is working towards paying down the debt and being a jurisdiction governed with transparency and fiscal prudence. It is clear that Bermuda is heading in the right direction.

Despite all the good economic news and despite the recognition our PLP government has received, we will not rest on our laurels while some of our fellow Bermudians have not yet felt the positive impact of our economic turnaround.

That's why we have:

• Kept down health insurance rates

• Frozen government fees and taxes

• Continued to provide pension increases for our seniors

• Lowered payroll taxes dramatically for a majority of Bermudians

• Increased daycare allowance for young Bermudian families

• Increased allowance for seniors in rest homes

We will continue to identify and implement measures that will provide economic and social relief and greater protections for the people of Bermuda.

• Jason Wade is a government backbencher and the MP for Southampton East Central (Constituency 30)