News Release: Budget 2009 Represents a Prudent Approach To Uncertain Economic Times

February 16, 2009

BUDGET 2009 REPRESENTS A PRUDENT APPROACH TO UNCERTAIN ECONOMIC TIMES

 

February 17, 2009                                                                                                                   For immediate release

 Victoria – The BC Chamber of Commerce gave a cautious welcome to Budget 2009, tabled today by the Finance Minister, as representing a prudent response to the economic challenges facing the provincial economy.

 “Budget 2009 clearly shows that our sound approach to fiscal management through paying down debt, reducing taxes and controlling public spending, has allowed the province to be better positioned to weather this storm than virtually any other jurisdiction in North America,” stated John Winter, President & CEO of the BC Chamber of Commerce. “The Chamber is pleased to note that while there is a focus on reducing costs government has also recognized the need to enter a short period of deficit financing to protect government programs and to contribute to our ability to recover. Our support for short term deficit is predicated on ensuring that the level of deficit is manageable and there is a plan that will ensure that we will be back into surplus by 2011-2012.  Budget 2009 clearly meets these criteria.”

 Budget 2009 includes significant protection for social programs with continued increases in funding for education, healthcare and social services. In addition to these funding increases Budget 2009 contains significant commitments to new infrastructure projects with $4 billion in new and accelerated investment in addition to the $10 billion already committed.

 “While the Chamber recognizes the importance of protecting the social network that supports families, particularly in difficult times, the current economic reality must ensure that government maintains a focus on ensuring that BC business is well positioned to come out of the recession stronger, more innovative and more productive” states Winter. “Budget 2009 suggests that the fundamentals of BC’s economy remain strong, while this is true the Chamber recognizes that there are significant risks to the Budget projections that require government to remain focused on the economy. Only if BC’s recovery is quick and strong can we ensure people have jobs, investment and government programs.”

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For further information contact;

John Winter - President and CEO                                                        604 683 0700 (ext 110) (w)

BC Chamber of Commerce                                                                 604 376 3577 (c)