True freedom is not merely the absence of constraints but the presence of opportunities. Unfortunately, in Bermuda, opportunities are often available to a privileged few, while constraints stifle the potential of many, including small-business owners, innovators and our youth. Successive governments have been reluctant to implement solutions to these problems, primarily to retain control and protect special interests.

The three actions the Free Democratic Movement will take to promote a thriving market-based economy include shrinking the size of government, deregulation and reducing taxation. By cutting down on spending and striving for a budget surplus, Bermuda can create a more stable and attractive environment, boosting business confidence, encouraging entrepreneurship and empowering all Bermudians.

Consider the present landscape. Our international business sector is thriving, yet other areas struggle under heavy regulation and government intervention. For instance, the Bermuda Economic Development Corporation has initiated various programmes to support local entrepreneurs, but questions about its effectiveness and transparency remain. In this regard, the FDM proposes to scrap the economic empowerment zones and minimise regulatory burdens and taxes island-wide. This would include reducing import duties for local businesses, thereby keeping more money in the economy to create jobs and spur investment.

The Government has issued more than $342 million in guarantees to private corporate entities, with minimal benefits to the average Bermudian. For example, a $50 million guarantee to a local bank allows it to profit with minimal risk from lending to Bermudians. Similarly, in the Gencom-Fairmont Southampton deal, the taxpayer is also taking on risk while the corporation stands to reap the profits. Instead of that approach, the FDM would drive economic growth and empower Bermudians through less taxation, ensuring businesses thrive based on merit rather than government favouritism.

Another example of government intervention is the Bermuda Post Office’s partnership with Access USA, which highlighted concerns about fairness and transparency. It allowed the Government and an overseas entity to jointly compete against local businesses.

Our position is that governments should not compete with the private sector for customers, especially with the help of an overseas company that will not reinvest its profits on the island. Our solution is to withdraw government involvement from such partnerships and ensure that local businesses can compete without interference.

Another issue of concern for stimulating the economy is private property rights. Respect for private property rights creates an environment where businesses can flourish. Existing legislation surrounding housing in Bermuda does not protect landlords’ rights and has contributed significantly to an artificially created supply shortage. Although there are sufficient housing options, property owners do not feel comfortable renting them out because of restrictive legislation.

Many landlords have waited months without rental income owing to lengthy eviction processes, which is unsustainable, especially in today’s challenging economic environment. The FDM would update and amend the Rent Increases (Domestic Premises) Control Act, and the Landlord and Tenant Act, instilling confidence in property owners that their investments are safe, while simultaneously addressing the affordable housing shortage.

The reluctance of those with political power to adopt market-based policies stems from a desire to dominate resources and maintain long-term personal or party gain. Additionally, political ties to businesses benefiting from the present system hinder the adoption of more effective economic policies that help the people. However, the advantages of a more open economy are clear: increased investment, economic growth, job creation, and enhanced global competitiveness.

The FDM’s vision for Bermuda is one of fiscal discipline, personal responsibility and economic freedom. By embracing this approach, we can create a prosperous future for all Bermudians. We must challenge ineffective interventions, demand more from our governance frameworks, and cultivate an environment that encourages competition and innovation.

Are you ready to join us in taking these steps towards a better tomorrow?

• Omar Dill is a regional organiser for the Free Democratic Movement. To learn more about the FDM’s initiatives or to become a party member, visitfdmbermuda.com