Chamber says B.C. budget has short term gains, long term pains
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The Kelowna Chamber has dissected the new B.C budget, and concludes the fiscal plan “has a few small nuggets for business, but is awash in red ink going forward.”
“Aside from increasing deficits over the course of the three-year plan, the debt-to-GDP ratio will also balloon to 27.5 per cent from 17.6 per cent. This is the metric that the credit agencies use when setting the Province’s credit rating which impacts the cost of borrowing,” a chamber news release stated.
The business organization says it’s not known yet what impact that will have on B.C.’s once solid triple A credit rating, something the previous NDP governments under John Horgan managed to keep under control.
Chamber CEO Dan Rogers said achieving a balanced budget may be an aspirational goal of the government, but this plan appears to go in the opposite direction.
