A cost-of-living summit will convene this year to deal with the factors behind the island’s growing expenses, the Minister of Home Affairs announced yesterday.

Alexa Lightbourne said that she would meet business leaders and other stakeholders to find solutions to “ease the burden of rising costs”.

Ms Lightbourne said: “We recognise that this challenge is complex and broad in scope yet interconnected, requiring collaboration, innovation and solutions across multiple ministries.

“We further believe that lasting solutions require the entire Bermuda ecosystem, and we aim to work with ministries, businesses, community leaders, non-profit partners and everyday Bermudians.”

Ms Lightbourne was speaking during her first press conference since taking on the portfolio from the retired Walter Roban.

She said that her ministry would speak first to service providers to explore the problems and potential fixes within each consumer sector.

Findings are to be filtered through focus groups to address the root causes behind rising costs.

Ms Lightbourne said the public would get a chance to complete a survey about how problems with affordability have affected them.

These will be compiled into a Cost of Living Report with recommendations for reform, which will include detail on regulatory oversight and consumer protection.

Ms Lightbourne acknowledged that it would be no easy fix.

She said: “We know that this issue cannot be solved overnight — what we can pledge is that we will advance our next steps with urgency, transparency and action.”

She added: “This isn’t about numbers or a bottom line. This is about people.”

Ms Lightbourne said the research going towards the summit would help inform what would be considered an essential good.

This would allow some necessities to be eligible for 0 per cent customs duty.

The summit is expected this year, with Ms Lightbourne adding that an ideal date would be over the summer.

She said that her ministry would also look into stabilising energy costs and promoting a transition away from fossil fuels.

Ms Lightbourne explained that the Integrated Resource Plan, which provided a road map for this switch, set out goals to rely on several sustainable energy sources.

She said that infrastructure would have to be revamped to handle this switch, with a social awareness campaign to keep the public abreast.

Ms Lightbourne added: “Energy transitions worldwide are being addressed systematically and we endeavour to do the same.

“This Day 1 reality means that while customers may not see improvements in their bills overnight, they should feel confident knowing that the next phase is designed to stabilise electricity bills through amending the Electricity Act to ensure transparent and efficient operations.”

Ms Lightbourne said that the Bermuda Regulatory Authority could target the base rate of utility bills to limit how much Belco could charge its customers.

She said: “As consumers would know, there are multiple tiers which come out of their bills every month.

“There’s a fuel adjustment rate, which is the most recent increase that is intended to be in effect by April 1, but the base rate is what you’re speaking to.

“Those charges and the base-rate calculation are what the RA, in collaboration with the Government and utilities, will seek to further explore, better understand to reform it and see ways in which we can further promote cost savings.”

After the newest Cabinet shake-up, the Ministry of Home Affairs has been restructured to face the cost of living head-on.

The portfolio was stripped of the Registry-General, now under the Ministry of Economy and Labour, and environmental protection, moved to the Ministry of Public Works and Environment.

Land valuation and constitutional reform were further put under the remit of David Burt, the Premier and Minister of Finance.

Three of the home affairs ministry’s previous five departments were removed in the shuffle, but the portfolio now includes control of consumer affairs.

Ms Lightbourne said that the reductions within her ministry enable better focus on its mission — to tackle affordability.

She said this was done because a reasonable cost of living was “the greatest challenge facing Bermudians today”.

Ms Lightbourne said she viewed the task as “an honour and also a great challenge".

She added: “The cost of living is such a broad and complex subject and matter to address, so it will require cross-ministerial collaboration.

“But the areas under my direct remit is where we will begin, by charting that path towards living costs for all who live and work in Bermuda.”

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• To read Alexa Lightbourne’s statement in full, see Related Media