The Opposition leader claimed tonight that the creation of a group designed to boost business development indicated that previous strategies had “failed”.

Craig Cannonier, the One Bermuda Alliance leader, said that on the same day that David Burt, the Premier, announced a new Economic Development Department on Friday, “we had reports of a slump in house sales”.

He added: “We also had complaints that ideas to help the retail sector fall on deaf government ears.”

Mr Cannonier cited lower-than-forecast GDP and said that “retail sales volume has slumped, 200 jobs have been lost in retail and company registrations are down — all while the PLP has been in power”. He added: “So, my question is this: we have had the ICT policy and innovation unit, the business development unit and fintech business unit for some time, but they clearly have not made an impact, so how will combining them into one department make a difference?”

The Opposition leader said: “It is also a clear admission that the Premier’s decision to drop economic development as part of the tourism ministry was a mistake.

“At one time, Jamahl Simmons was Minister for Tourism and Economic Development but the economic development part was dropped when the Premier shuffled his Cabinet.

“As the OBA did, the Premier must control the cost of government to help reduce the burden of taxes and charges and he must do as he promised 2½ years ago and carry out comprehensive immigration reform.

“Bermudian jobs should not be displaced, but we must make Bermuda a welcoming place to work, which means reforming immigration to encourage companies to set up here, safe in the knowledge that they will be able to bring employees with them, who in turn will spend their income here.”

Mr Cannonier claimed: “Burtonomics has failed.

“The establishment of this new department is proof of that.”

Mr Burt said in the House of Assembly last week that the new department would “concentrate energy, resources and expertise in order to stimulate growth and diversify our economy”.

He said that problems had affected the retail sector and that job outsourcing and automation had also presented economic threats.

The Premier told MPs that ministers had been responsible for economic development in the past, but the sector had never been co-ordinated by a single government department.

He added: “Sadly, this has led to duplicated efforts, companies being lost to other jurisdictions and activities being advanced without the necessary foundation to ensure success.”

Mr Burt said tonight, in response to Mr Cannonier’s comments: “Seven licenses issued since 2018, ten new companies incorporated, in the last 180 days, 50 jobs created — all in fintech.

“There is progress being made in this economy.

“The problem with the Opposition leader is the failure to question the fundamentals of the historic economic model he always steps up to defend.

“His criticism is symptomatic of the problem in many of these sectors: no innovation, no change, no new ideas.

“Every day this Government is working to diversify this economy and promote economic activity in Bermuda.

“This is an economy in transition and the future belongs to those prepared to challenge the status quo.”

Mr Burt said that he had confirmed to Cabinet today that “a ground-breaking start-up energy company has secured $4 million of local investment and is continuing its work to raise additional capital”.

He added: “There is progress being made in this economy.

“Our mission is simple — to create opportunity for Bermudians in their own country and that is what we are committed to every day.”

UPDATE: This article has been updated to include a response from the Premier.