“Last week’s meetings were invaluable opportunities to meet the new Overseas Territories Minister, share the Bermuda story with key UK business sectors, and collectively reinforce critical matters of importance during the JMC alongside my OT colleagues,” said the Premier David Burt JP, MP, following an intense schedule of meetings in London last week that were deemed a success.

One of the key highlights of last week’s visit was an opportunity for the Premier to meet with UK Prime Minister, Sir Keir Starmer and the Rt. Hon. David Lammy MP, UK Foreign Secretary. 

The public will be aware that Premier Burt travelled to London (Nov. 18 – 22), to attend the Overseas Territories (OT) Joint Ministerial Council (JMC), the highest political forum between the UK Government and Leaders of the British Overseas Territories. While the key focus of the Premier’s visit was the JMC, there were also other engagements that took place last week, specifically focusing on the financial services and the banking sector. 

Last week’s engagements began with the Premier attending the United Kingdom Overseas Territories Association (UKOTA) Political Council, which affords OT Leaders an opportunity to convene prior to the JMC. 

The Premier said, “This was a good precursor for OT Leaders. We discussed issues of priorities on behalf of each of our countries, and where possible, found areas of agreement to collectively address during the JMC. We also acknowledged the 30^th Anniversary of UKOTA, during which time Bermuda has held the chairmanship on three occasions through our UK Representative, Kimberley Durrant.”

The Premier reminded that Bermuda and OTs have seen notable success through UKOTA’s advocacy, including; securing British Citizenship for BOTCs; accessing Home Fees for students of the Territories as well obtaining student loans; visa free access across EU Schengen Areas; and numerous other collective advocacy initiatives across the Territories. 

Following UKOTA, the Premier held a Bilaterial Meeting with the Hon. Stephen Doughty MP, Minister for the Overseas Territories. 

Premier Burt said, “This was another critical engagement on behalf of Bermuda. We are committed to ensuring a better and fairer Bermuda for all, and during this meeting, I discussed the process for advancing the constitutional changes related to immigration as outlined in the Government’s Throne Speech. Minister Doughty and I also discussed the UK’s support for Bermuda’s international financial services industry as a key part of Bermuda’s economy which now employs a record number of Bermudians.”

Mid-week saw the commencement of the OT JMC Meetings. The first JMC under the new UK Labour Government, the gathering focused on ‘resetting the relationship’ between the UK and the Overseas Territories. Over a two-day period (Nov. 20 – 21), the UK Government and OT Leaders discussed a renewed relationship; security and irregular migration; climate and the environment; economic diversification and resilience; illicit finance and sanctions; and human development. 

Premier Burt said, “These key discussions enabled me to have direct dialogue with a range of Ministers from across Whitehall Departments, including the Foreign, Commonwealth & Development Office; Home Office; Treasury; Ministry of Defence; Department of Energy Security and Net Zero. I was very encouraged by the discussions and hopeful that our meetings can foster new opportunities to expand our relationship.”

Upon conclusion of the Joint Ministerial Council, the Premier met with Sir Keir Starmer, Prime Minister of the UK and The Rt. Hon. David Lammy MP, UK Foreign Secretary. The Prime Minister and the Foreign Secretary reiterated their unwavering support for Bermuda and the other British Overseas Territories, recognising the OTs “…ironclad commitment to democratic autonomy and [their] right to self-determination”. 

• The Prime Minister’s full remarks are here: https://www.gov.uk/government/speeches/pm-remarks-at-uk-overseas-territories-joint-ministerial-council-21-november-2024. 
• The Joint Communique from the UK and the Overseas Territories detailing the outcomes of the 2024 JMC is here: UK and Overseas Territories Joint Ministerial Council 2024: communiqué - GOV.UK

Financial Services Sector Meetings:

Highlights of the Premier’s financial services engagement in London included a meeting with Economic Secretary to the Treasury (EST) and City Minister, Tulip Siddiq MP. The Premier and EST discussed matters of mutual economic importance to Bermuda and the UK, particularly in encouraging growth and investment. The Premier also updated EST on the positive progress made toward the implementation of the global minimum tax agreement through the introduction of Bermuda’s corporate income tax. 

The Premier also met with Lloyds of London CEO Mr. John Neal. The Premier was joined by Stephen Catlin, a member of the Financial Policy Council and other representatives from Bermuda’s insurance sector. The Premier and Mr. Neal spoke to the strong partnership between the Bermuda Market and Lloyds. During the engagement, CatX Capital and Cactus, Bermuda-based companies which started in the Lloyds Lab, had the opportunity to showcase their innovative work to the Premier. 

The Premier also met with Andrew Bailey, Governor of the Bank of England, alongside Sir Andrew Large, Vice Chair of the Financial Policy Council; Mr. Craig Swan, CEO of the Bermuda Monetary Authority; and Financial Secretary Chidozie Ofoego.

And lastly, the Premier participated in a Fireside Chat at the Bermuda Society’s Annual Dinner, where he updated attendees on initiatives as outlined in the Government’s recently delivered Throne Speech. The Premier also acknowledged the strong bonds between the City of London and Bermuda as financial centres noting a history of cooperation and mutual respect have contributed to the success of both jurisdictions. 

The Premier returned to Bermuda on Friday. During this trip he was accompanied by the Minister of Economy and Labour, Jason Hayward, Secretary to the Cabinet Marc Telemaque, Ministry of Economy and Labour Permanent Secretary Aideen Ratteray Pryse, Mr. Ofoego, Kimberley Durrant, UK Representative Bermuda’s London Office, and Brandon Sousa Deputy UK Representative.