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B.C. businesses seek concrete economic 91Ƶvision91Ƶ from parties ahead of election

Advocates raise concerns over high cost of doing business, government deficits
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(Black Press Media file photo)

Leaders from a wide array of businesses in British Columbia are urging the province91Ƶs political parties to 91Ƶdeliver a clear and actionable plan91Ƶ for revitalizing an economy that they say has pushed many residents into a 91Ƶpersonal recession.91Ƶ

Groups representing the forestry and mining industries, independent businesses and contractors say they have sent a survey of 10 questions to leaders of political parties ahead of the fall election, asking for a clear response on their economic visions for B.C. and concrete steps to get there.

Business Council of British Columbia president Laura Jones says that her group is seeing more residents expressing a loss of hope in their 91Ƶprospect of building a good life91Ƶ in the province due to economic concerns, even if B.C. isn91Ƶt technically in a recession.

Other business leaders say they want the next B.C. government to answer concerns about the high cost of doing business, government budget deficits, bureaucracy in delaying permitting of projects, public safety and acute labour shortages.

The call for information comes the same day B.C.91Ƶs Finance Minister Katrine Conroy unveiled the government91Ƶs first quarterly financial report, forecasting consecutive budget deficits for the next three fiscal years, including an almost-$9-billion deficit for 2024-2025.

Greater Vancouver Board of Trade president Bridgitte Anderson says businesses remain in the dark about the economic platforms of the major parties, and fiscal reports from the province paint a 91Ƶdire91Ƶ picture for B.C.91Ƶs finances that requires billions in 91Ƶthat need to be cut or increased in taxes91Ƶ for stability.

She says businesses are asking those who could form the next government 91Ƶto show us a vision91Ƶ on how the provincial economy can be rejuvenated.

91ƵI think there91Ƶs a lot of voters who are undecided right now, within the business community and public at large,91Ƶ Anderson says. 91ƵAnd I think this is an opportunity for all of the parties to look at their platforms and to appeal to the voters.

91ƵThis is a unique opportunity, and elections matter, campaigns matter. And this campaign will matter more than anything.91Ƶ

In late August, the government said it ended the fiscal year with a deficit of around $5 billion due to wildfire expenses and essential spending on 91Ƶpriority services.91Ƶ

During her report on Tuesday, Conroy said the first quarter of this fiscal year showed lower corporate income tax revenue and the cost of fighting wildfires as two factors having among the largest impacts on the provincial budget.

The report also says retail sales are down 0.5 per cent as 91Ƶa continuation of last year91Ƶs weakness91Ƶ due to inflation and high-interest rates, while the value of merchandise exports grew only 1.6 per cent as commodity prices remain low.

Earlier this month, Canfor Corp. announced it is shuttering two northern B.C. sawmills, citing a recently imposed U.S. tariff as a key factor on top of ongoing financial losses, a weak lumber market and difficulty accessing economically viable timber in the province.





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