In mid-December, B.C.’s new finance minister Brenda Bailey revealed that after eight years of NDP governance, British Columbia is facing the largest deficit in our province’s history.
B.C.’s 2024/25 deficit is now projected to reach a whopping $9.4 billion – $1.5 billion higher than the NDP planned for in their February budget.
According to the Business Council of British Columbia, at 2.2 per cent of GDP, this is proportionally the biggest deficit of any Canadian province.
The reality is that we cannot continue on this path.
Of 14 major projects in this province, 10 of them are wildly over budget. We are spending hundreds of millions every year just servicing debt. And when taxpayer dollars are wasted paying off interest, that’s money that can't be put towards health care, schools or rebates.
Our economy is under-performing due to permit delays and red tape in the areas of forestry, mining, and small business. And when I say delays, I'm not talking about months, but in some cases years.
The challenges have become so crushing that businesses are making the decision to leave British Columbia.
We are currently witnessing a power plant that is truly in harm's way in the community of Williams Lake, for no other reason than a lack of government willingness to renegotiate a contract that was signed years ago. It is not just the Atlantic Power Williams Lake plant that needs to access economically viable fibre, but all of the mills throughout this region and province.
This really has become a crisis.
The simple fact is that so many of our financial problems in this province could be fixed by approving the permits that have been delayed for months or years. We have solutions right before us to create an incredible stream of revenue that could be invested in addiction treatment, health care, policing, funding for seniors, and so much more.
Permit approvals could generate tens or even hundreds of millions of dollars in revenue for a province that desperately needs it.
After all, BC’s provincial debt has now risen to $130 billion.
Our debt has more than doubled in the last eight years, and that is not going to end well for our children and grandchildren.
The next budget will be released March 4, 2025, and you can trust that I will be doing everything I can as an MLA with the Official Opposition to push for sound fiscal policy.
