Reducing the cost of fuel, increasing on-island food production and passing legislation to smash monopolies are just some of the initiatives that the Progressive Labour Party will introduce if it is victorious at the polls on February 18.

At a press conference at Alaska Hall today, candidates Jamahl Simmons and Mischa Fubler, along with Kim Wilkerson, the Attorney-General and Minister of Justice, fleshed out a number of proposals contained in the party’s General Election platform.

Mr Simmons, who is standing in Sandys North (Constituency 33), said: “We will implement increased oversight and controls over the cost of essential food items. This will include implementing fair price controls and transparency measures to ensure that any import duty cuts are passed on to all of us and not just to boost company profits.”

Mr Simmons added that the list of essential goods that qualify for customs breaks will be expanded.

He said that a PLP government will support a food co-operative “to encourage diverse, affordable options”, while a digital price tracker will “promote transparency among supermarkets”.

Funds raised by the sugar tax will be used to support the agriculture and fishing sectors, increase food production and distribution and promote the utilisation of arable land.

Mr Simmons added: “We will also prioritise the Parks Department to be food-focused, incorporating food production into select underutilised public spaces, community gardens and hubs.

“By strengthening food security, we can reduce the reliance on imports and keep prices stable.”

Mr Fubler, who is standing in Southampton East Central (Constituency 30), said that the party plans to amend laws that allow electricity provider Belco to pass certain costs on to consumers.

He said: “In short, this change will ensure fewer costs are recoverable, prioritising affordability for Bermudians.”

Other initiatives in the pipeline include further empowering the Regulatory Authority to implement “fair pricing” on retail electricity tariffs, a proposition also put forward by the One Bermuda Alliance.

Mr Fubler said: “The current return on capital investment is something like 7½ per cent … and I think in an elastic product like electricity that’s more than enough of a return.

“In this case, when everyone’s feeling the pinch and people are reporting the cost of doing business is too high, reducing electricity rates can help accelerate the economy for all of us.”

He said that moves would be made for Bermuda to generate its own electricity so as not to be dependent on global oil prices.

Mr Fubler, who was previously technical lead with the corporate applications team for Ascendant, which became Liberty — the parent company of Belco, added: “We must develop community solar programmes to expand access to renewable energy alternatives for Bermudians.

“This will help to drive technology progression and economies of scale in this industry, which should result in more efficient, cost-effective solar generation systems while also moving us towards the Integrated Resource Plan’s renewal energy mix goals.”

Ms Wilkerson, who is the PLP candidate in Paget West (Constituency 23), said strengthening free market competition through robust anti-monopoly legislation was “a critical component of the PLP’s vision”.

She said: “Our goal is to create an economic environment where fairness prevails, innovation thrives, and all Bermudians benefit from a dynamic marketplace.

“Bermuda’s economic framework currently lacks specific antitrust regulations governing business combinations. This absence creates the potential for conditions that could stifle innovation and place undue financial burdens on our citizens.

“To rectify this, the PLP is committed to introducing comprehensive anti-monopoly legislation.

“This initiative aims to prevent market dominance by a few and promote a vibrant, competitive marketplace.”

The Attorney-General said that her ministry will establishing a Regulatory and Competition Authority responsible for overseeing market practices, ensuring transparency and enforcing fair competition standards.

It will also introduce legislation defining explicit criteria for mergers and acquisitions to prevent the formation of monopolies and promoting a diverse business landscape.

Ms Wilkerson said: “By fostering competition, we aim to enhance product quality, encourage innovation and ensure fair pricing, directly benefiting consumers.

“We will draw insights from successful antitrust frameworks worldwide, adapting them to Bermuda’s unique context. This approach ensures that our policies are both effective and tailored to our specific economic environment.

“Our commitment to strengthening free market competition through anti-monopoly legislation is a testament to our dedication to economic fairness and prosperity for all Bermudians.

“By fostering a competitive marketplace, we pave the way for innovation, fair pricing and a thriving economy that serves everyone.”

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