News Formal

‘Wake-up call’: Business Council of B.C. says provincial deficit unsustainable

  • 📰 GlobalCalgary
  • ⏱ Reading Time:
  • 42 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 61%

Economy Notícia

BC NDP,Deficit,Politics

B.C.'s latest fiscal update forecasts an $8.9 billion deficit for 2024, the province's largest ever and something the Business Council of B.C. says is unsustainable.

The Business Council of BC is raising concerns over the province's finances. As Richard Zussman reports, it says the new B.C. Finance Minister needs to commit to a timeframe to balance the budget.

A major British Columbia business group is sounding a “wake-up call” over the provincial government’s money management.“That’s larger than the deficit we ran during the COVID-19 pandemic,” said Business Council of B.C. vice-president of policy David Williams.“We have the largest deficit relative to the size of our economy of any province, we’ve got rapidly rising indebtedness, and we’ve seen repeated credit rating downgrades.

He said newly-appointed Finance Minister Brenda Bailey needs to prioritize reining in the deficit while finding ways to speed up economic growth — whether that be through tax changes, streamlined regulations or reduced permitting times.BC Conservative finance critic Peter Milobar said with big capital projects facing delays and ballooning budgets, that problem will only get worse.

Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 50. in PT
 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Download the November 2024 edition of Report on Business magazineRead the full issue, exclusively for subscribers
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »

Genuine Parts cuts 2024 earnings forecast on industrial business weakness; shares dipShares of the company fell more than 9% in pre-market trading. Slower recovery in the European automotive aftermarket business has been a drag on the...
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Date night with the Canadian American Business CouncilThe Hill Times
Fonte: TheHillTimes - 🏆 11. / 79 Consulte Mais informação »

Bleak finances put B.C.'s economic future at risk, business council warnsA large projected deficit and doubling capital expenditures in the last two years has increased the provincial debt to $63B, says report
Fonte: BurnabyNOW_News - 🏆 14. / 77 Consulte Mais informação »