B.C. business leaders call on parties to outline economic plans in face of predicted record-level deficit

British Columbia’s predicted record-level deficit has ballooned further, new figures released by the province indicate, providing a backdrop to an election campaign in which B.C.’s business leaders are calling for both parties to deliver a clear plan to revitalize the economy.

Ms. Conroy attributed the increase to lower corporate tax income revenue and ballooning wildfire response costs.At a news conference on Tuesday, business leaders said rising costs and increasing regulatory complexity have led to declining investment and stagnant private-sector job growth. “We have a sign on our provincial storefront that says to the world: British Columbia is closed for business,” Ms. Famulak said.

Other groups represented at the news conference were the Greater Vancouver Board of Trade, the Canadian Federation of Independent Business, the B.C. Council of Forest Industries, the B.C. Business Council and the Independent Contractors and Businesses Association. On Tuesday, the business leaders called on leaders of both parties to complete a survey they had prepared to inform voters as they head to the polls. That survey includes questions on spending and deficits, climate, regulatory improvement, crime and safety and cost of living.

Debt servicing costs are forecast to be $344-million higher owing to a higher opening debt balance, higher interest rates and accelerated borrowing in the year, according to the province. While B.C.’s credit rating was downgraded this year – its third time in three years – the province could not attribute credit rating actions to interest costs directly.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fort Road reopens following years of construction, business owners eager to recoverTraffic is once again flowing smoothly along Fort Road — a sight that hasn't been seen in three years along the northeast Edmonton thoroughfare.
Source: GlobalCalgary - 🏆 50. / 61 Read more »

Business groups call on federal government to prevent rail work stoppageA coalition of business groups is calling on the federal government to prevent a work stoppage at Canada’s two biggest railways.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Ottawa, Quebec tout ‘new business model’ to fast-track affordable housingDeveloper Société de développement Angus will receive $193.5 million in subsidies to ‘quickly’ build 677 units in Montreal and 324 in Rimouski
Source: globeandmail - 🏆 5. / 92 Read more »

OpenAI hits more than 1 million paid business usersThe figure is a rise from the 600,000 users it had in April
Source: globeandmail - 🏆 5. / 92 Read more »

German Business Outlook at Lowest Since February on Weak Economy(Bloomberg) -- Germany’s business outlook held at its lowest level since February — highlighting the gloom once again engulfing Europe’s biggest economy...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

The Best Restaurants for a Business Lunch in TorontoThe best restaurants for a business lunch in Toronto offer smooth service and enough tempting options to fuel hours of negotiations. Perfect backdr...
Source: blogTO - 🏆 44. / 63 Read more »