Log In

Reset Password
BERMUDA | RSS PODCAST

Opposition raise concerns over Price Control Commission

Opposition Senators today raised concerns that a new Price Control Commission could introduce measures that damage the free market.The debate came during the Motion to Adjourn in the Senate - although Government Senators insisted the claim was untrue.Premier Paula Cox announced on Friday, July 15, that the Price Control Commission will carry out an inquiry into the cost of essential goods, so Government can ensure they are as low as possible. The three-person panel will invite input from wholesalers, supermarkets and other stores and unions.Government Senator David Burt told the Senate about the Commission today, prompting further concerns from Opposition Senator Craig Cannonier.Sen Cannonier, a businessman who runs two Esso gas stations, said the idea of price control was a “very slippery slope” and could damage chances of boosting local businesses in Bermuda.He said wholesale businesses are doing well because of the free market. Meanwhile, he said, some supermarkets have “dismal” profit margins and are struggling to pay their staff.Sen Cannonier suggested it should be up to consumers to stick to the adage “buyer beware” and to shop around, viewing “too good to be true” prices with suspicion.“We need to encourage our fellow Bermudians to shop better,” he told the Upper House.However, Sen Burt replied to say that despite the Commission’s name - which is a result of the legislation allowing for it to be introduced - Government is not planning to control prices.“I don’t want it reported that Government is instituting price controls,” he said, insisting that Government has stated price controls would have negative consequences.He insisted that the Commission will report on ways to ensure more reasonable prices, not report on how price control measures could be brought in.