Updated: Dec 20, 2021 11:56 AM
The Minister of Finance, Curtis Dickinson, press conference at AB Place media room, to provide a Ministry update. (Photograph by Akil Simmons)
Curtis Dickinson, the finance minister, has stated that he does not believe Bermuda will impose price controls in the event that the inflation rate surges.
Speaking at a press conference today, he did acknowledge Bermuda was likely to see prices rise in tandem with other countries as the island imported almost all of its goods.
Earlier, he reiterated much of the financial update he gave in the House of Assembly last Friday which can be found here.
He said there will be a pre-Budget report in January, where he will expand on how he will meet the Budget targets despite increased Covid-19 expenditures.
In questions, Mr Dickinson said the decision not to fill vacant posts would not impact on people’s everyday lives.
Mr Dickinson said it was too early to say if the upcoming Budget would be harsh, but acknowledged that hard decisions needed to be made.
Asked of Bermuda could afford another lockdown, the Minister said he could not foresee another lockdown at this point.
Asked if Bermuda could afford a lockdown if it was required, he said he did not want to speculate on the future, but acknowledged that lockdowns were hard on people.
He noted that booster shots helped to reduce the impact of the Omicron variant and said people should consult with their physicians if they had not yet been vaccinated or had not had a booster shot yet.
On inflation, Mr Dickinson said he did not foresee price controls, but acknowledged that as a heavy importer of goods Bermuda would naturally import inflation as well.
