BC Chamber of Commerce Statement on the Federal Budget
Productivity and competitiveness measures welcome, however, concerns remain on spending.
In response to today’s federal budget, Alex McMillan, CEO (Interim) of the BC Chamber of Commerce, released the following statement:
“The first budget from Prime Minister Mark Carney’s government attempts to navigate the needs of Canadians, businesses and communities at a pivotal moment for Canada’s economy.
“The BC Chamber of Commerce welcomes the budget measures intended to increase Canada’s economic productivity and competitiveness. Investments in infrastructure and security, along with tax incentives to expand manufacturing and critical mineral development, are important steps in advancing economic opportunities in BC. The BC Chamber of Commerce supports these efforts as the country weathers ongoing economic uncertainty.
“Canada’s economy remains heavily dependent on trade with the United States. The BC Chamber of Commerce maintains that diversifying our trade relationships is essential to building a more resilient and competitive economy for Canadians today and for future generations. The federal budget has identified key policy changes to attract capital, strengthen trade infrastructure, and advance diversification. We are optimistic these steps, if effectively implemented, can deliver positive results for Canada and British Columbia.
“However, we remain concerned about the fiscal underpinnings of today’s budget. Economic growth has slowed sharply while government spending continues at an unsustainable rate. At $78.3 billion, this year’s deficit has grown significantly from what was projected 11 months ago. While today’s budget forecasts falling deficits in future years (down to $56.6 billion by 2029/2030), anticipated spending will materially add to the national debt and will have to be paid through future taxes.”
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About the BC Chamber of Commerce
The BC Chamber of Commerce is the largest and most broadly based business organization in the province. Representing 85 local Chambers of Commerce and Boards of Trade and 32,000 businesses of every size and from every sector and region of the province, the BC Chamber of Commerce is uniquely positioned to “Know What’s on BC’s Mind.”
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BC Chamber of Commerce Communications