The Government’s plans to expand regulatory powers and implement fair pricing controls for businesses risk harming their bottom line, the Bermuda Chamber of Commerce has warned.

Marico Thomas, the president of the chamber, said that further empowering the Cost of Living Commission, as laid out in the Throne Speech, could limit flexibility and innovation in business.

The chamber supported some aspects of the legislative agenda, including a commitment to the creation of a stable and resilient economy, fostering employment opportunities and supporting entrepreneurship.

Mr Thomas said: “While the Throne Speech outlines many positive steps, the chamber identifies several areas that require further discussion and clarity.

“Expanding the Cost of Living Commission’s investigatory powers and introducing fair pricing controls risk adding compliance costs and squeezing profit margins for businesses already facing global inflationary pressures.

“The broadened Regulatory Authority’s role in overseeing market concentration and pricing in both regulated and unregulated sectors may stifle business flexibility and innovation, particularly for larger firms contributing to Bermuda’s economic stability.”

Speaking on taxation and business costs, he added: “The potential for increased taxation and regulatory costs could impact business confidence and investment. A balanced tax framework is necessary to maintain Bermuda’s competitiveness.”

The chamber acknowledged the potential benefits of the corporate income tax but said the creation of a sovereign wealth fund was premature ahead of priorities set out for debt repayment and infrastructure investment.

It called for economic transparency and economic data, adding: “Reliable, comprehensive economic data is crucial for assessing the real impact of policies. The chamber urges the Government to ensure that economic strategy is supported by clear metrics and timelines to track progress effectively.”

Mr Thomas commended the Government on several “critical” areas of the speech, including its focus on job creation.

He said: “The focus on upskilling Bermudians and fostering new employment opportunities is a welcome step in strengthening the local labour market.

“The chamber appreciates the commitment to fostering entrepreneurship by cutting red tape and implementing a ‘one-stop shop’ for business registration.“

He welcomed the extension of the Tourism Investment Act to smaller guesthouses as well as affordable housing initiatives aimed at driving down the cost of living.

He also backed the development of public-private partnerships and driving investment, particularly in tourism, fintech and renewable energy. He added that supporting technological advancement was key to remaining competitive globally.

The chamber highlighted the Government’s measures to create economic stability, the growth in international business, tourism recovery efforts and a reduction in fuel duties.

Mr Thomas said that collaboration between private and public sectors fostered economic progress. He said the chamber remained open to working with the Government on economic policy, providing industry insights, discussing tax reform and regulation, and ensuring economic reporting transparency to assess the effectiveness of policies.

Mr Thomas said: “The chamber stands ready to engage with the Government to support the Throne Speech’s promises and deliver meaningful outcomes.

“We applaud efforts to bolster entrepreneurship, tourism and infrastructure but urge caution on regulatory measures that could deter investment or burden businesses already navigating a challenging recovery.

“We also reiterate our call for timely economic reporting to validate these policies’ impact — a prerequisite for building trust and ensuring Bermuda’s economy works for all.”