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.

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