The Premier and the Minister of Youth, Social Development and Seniors outlined their ministries’ running and upcoming projects in light of the Throne Speech.

David Burt, who is also the Minister of Finance, reminded the public of new plans, including a survey on financial literacy and a reduction in pension tax.

He also said: “Building a fair Bermuda isn’t a new mission for this government.

“It is a continuation of our efforts since we took office, which is to create meaningful change — and we will continue to do so.”

Mr Burt said his ministry would address banking inequality and require banks to provide basic services to residents under the Banks and Deposit Companies Act 1999.

Regulations will also be put forward to put caps on banking fees and fees from pension administrators.

Mr Burt said: “For too long, banks have reported stronger profits while Bermudians pay the price.

“This government will ensure that financial services are fair, accessible and responsive to the needs of our people.”

He added: “These changes will mean that a Bermudian entering the workforce today can have an additional $75,000 in their pension account by retirement.

“We want to ensure that all Bermudians can look forward to retirement without a new financial strain and to have larger balances when they retire to support them as they are living longer.”

On financial literacy, Mr Burt said that the Ministry of Finance would conduct a survey before “targeted initiatives in partnership with pension administrators”.

He said: “Financial literacy is the foundation of financial empowerment and we want every Bermudian to have the knowledge and skills they need to manage their finances comfortably.”

Mr Burt warned of the corporate income tax coming into effect at the start of next year.

He added that measures would be taken to use it to pay off the national debt and establish a sovereign wealth fund for “strategic investments in Bermuda’s future”.

Legislation for transport businesses would also be put into practice, such as fixed payroll levels being established for minibuses with fixed seating capacity.

Payroll tax for taxi owners would also be reduced from $1,000 to $600.

Mr Burt said that his ministry would introduce legislation to allow the Government to step in if business mergers result in a single entity cornering the market.

He said: “When few players control essential goods and services, Bermudians may suffer from reduced choices and higher costs.

“It is a fact that the Government lacks the legislative tools to address these matters.

“Therefore, we must implement checks and balances to ensure that Bermudian consumers are protected, prioritising fairness and transparency in these transactions.”

Tinée Furbert, the Minister of Youth, Social Development and Seniors, reminded the public that Bermuda became the first British Overseas Territory to have the United Nations Convention on the Rights of Persons with Disabilities extended to it.

She also pointed out her ministry’s launch of the first National Disability Register in April to determine how to better help those who need assistance.

Ms Furbert promised the creation of a Disabilities Act, which Ms Furbert said was “long overdue and urgently needed”.

She added that the financial assistance regulations would be amended to include a $100 monthly personal allowance to cover hygiene products for people in care facilities.

Ms Furbert said the Family Preservation Programme would see several ministries including her own offer support to financially vulnerable families.

She explained: “This programme will equip families with the tools to manage daily responsibility like budgeting, meal planning and effective communication to build stable parenting and nurturing environments for our children.

“This programme has proven to be effective to our families and our community.”

Ms Furbert added that a plan to end homelessness had been finalised and would be put forward to the legislature soon.