Finance Minister Katrine Conroy said Wednesday (Feb. 21) that B.C. will run a deficit for the second straight year amidst a slowing global economy, but added this is the wrong time to trim spending.
含羞草研究社淥ur budget is targeted to middle-class, average British Columbians that are struggling to make ends meet right now and we want to make sure that we are providing the support to people, the services to people,含羞草研究社� she said. 含羞草研究社淲e are not going to be cutting services and we are not going to be raising taxes on ordinary British Columbians.含羞草研究社�
Conroy made those comments at a community centre in Victoria in anticipation of tomorrow含羞草研究社檚 budget. She said B.C. is not immune to global economic developments.
含羞草研究社淲e will see an increase in our deficit, because it含羞草研究社檚 the right thing to do right now,含羞草研究社� she said. 含羞草研究社淲e will have a declining deficit (over time). You will see that tomorrow.含羞草研究社�
RELATED:
Figures from November show the provincial deficit at $5.5 billion during the second fiscal quarter of 2023, down from $6.6 billion in the first fiscal quarter.
She also acknowledged concerns about the economic impact of three major resource projects winding down, including Site C. The Economic Forecast Council, an independent 13-member group of economists, raised that issue in December.
含羞草研究社淏ut at the same time, we含羞草研究社檝e got considerable other projects ready to go,含羞草研究社� Conroy said. 含羞草研究社淪o we are building hospitals, we are building schools, we are upgrading schools, we are building housing right across the province. So there will be employment for people.含羞草研究社�
She added other, unspecific projects are on the table.
Looming over tomorrow含羞草研究社檚 budget is the introduction of a flipping tax, as promised by Eby. Conroy was asked if this not being the time to raise new taxes meant that tax would not be not in the budget.
含羞草研究社�(This) is not the time to raise taxes for ordinary people. We don含羞草研究社檛 see ordinary people having to pay more taxes when they are already struggling and we want to make sure that we are continuing to provide services.含羞草研究社�
RELATED:
Conroy含羞草研究社檚 comments echoed comments Premier David Eby had made Tuesday in Vancouver, as well as parts of the Speech from the Throne, which hinted at additional relief for small business. Various groups have been lobbying the provincial government to raise the threshold on the Employers Health Tax.
Conroy含羞草研究社檚 budget also comes after Eby had said last fall that he is looking for affordability measures, hinting at a hydro rebate.
含羞草研究社淚 am absolutely looking for big affordability measures for British Columbians and I want them to shine,含羞草研究社� he said. 含羞草研究社淚 want British Columbians (to know) that we are delivering for them on affordability. I have asked every single minister, 含羞草研究社楲ook at the your file, find ways to deliver affordability for British Columbians.含羞草研究社櫤卟菅芯可鐫
RELATED:
Conroy said the budget will help British Columbians with day-to-day costs and to find the housing they can afford.
含羞草研究社淚t will also strengthen and protect health care in this province and Budget 2024 will build a stronger, cleaner economy with opportunities for everyone right across the province,含羞草研究社� she said.
BC United shadow finance minister Peter Milobar said the NDP government doesn含羞草研究社檛 have a revenue problem, but a spending problem, while lamenting the high level of taxation.
含羞草研究社淲hat the public cares about is actually their overall affordability in their individual households,含羞草研究社� Milobar said. 含羞草研究社淲e are hearing very clearly from them is that they want to see tax relief in a very real and tangible way, not just some big shiny announcement concocted by government trying to appease people for a month but doesn含羞草研究社檛 really have any long-term and sustained impact on their households,含羞草研究社� he said.
Part of the government含羞草研究社檚 spending problem lies in the inefficient use of taxpayers含羞草研究社� dollars, Milobar added. The fact that government is planning to pay people earning up to $190,000 a subsidy to rent through BC Builds speaks to the growing unaffordability of B.C., he said.
含羞草研究社淚f ever there was something that would indicate just how far out of touch this government has become with people含羞草研究社檚 household costs, it含羞草研究社檚 probably the most latest announcement,含羞草研究社� he said.
BC Green Leader Sonia Furstenau said she was disappointed the throne speech did not talk about inequality.
含羞草研究社淲e have a growing inequality crisis in this province and government has specific tools and mechanisms, investments it can make in order to alleviate the pressures of that inequality for a large number of people,含羞草研究社� she said.
She said several areas of public life including transit and education are underfunded.
含羞草研究社淪o what I would like to see from a soc-called social-democratic government is investments into public services that will actually alleviate the enormous strain that is on British Columbians right now.含羞草研究社�
Possible measures include a wealth tax or windfall profit tax.
含羞草研究社淭hey need to cooperate with the federal government to achieve these,含羞草研究社� she said. 含羞草研究社淲e absolutely need mechanisms to address this growing inequality gap. I will see very disappointed if I don含羞草研究社檛 see action on that.含羞草研究社�
