FAMILIES AND BOOSTS PRODUCTIVITY
The B.C. Government will take immediate steps to improve the province’s economic competitiveness and reduce costs for families and business in the wake of the global economic slowdown, Premier Gordon Campbell announced to British Columbians this evening.
“Today the world’s financial system is in the grips of its worst crisis in over 75 years. World stock markets are reeling, commodity prices are plunging and the world’s financial system is under attack,” said Premier Campbell. “The ripple effects are being felt in every corner of the globe and every region of our province. There are no easy solutions to these problems. However, we are going to act immediately to alleviate the impacts and to emerge stronger than ever.”
Premier Campbell outlined 10 key measures during his address:
1. Unlimited deposit insurance for deposits to credit unions: The Province intends to provide unlimited deposit insurance protection on deposits to
2. A new pension opportunity: The Province will create a new private sector pension opportunity for British Columbians who currently have no access to a pension plan. About 75 per cent of private sector workers in B.C. currently have no access to a group pension plan. Flowing from work done with the Joint Expert Panel on Pension Standards with
3. An accelerated, retroactive personal income tax cut: There will be a five per cent personal income tax reduction retroactive to
5. Accelerated tax relief for small business: Effective
6. Double commission paid to business for PST and HRT collection: The Province will double the commission it pays business for collecting the provincial sales tax and hotel room tax. That will provide more than 100,000 businesses with approximately $60 million over three years and add up to $1,200 to a business’s bottom line.
7. Accelerated public infrastructure: The Province will accelerate public investments in capital infrastructure projects. Funding will focus on projects without a long lead time that will keep people employed in our construction sector.
8. 33 per cent reduction in ferry fares for December and January: The Province will fund a 33 per cent reduction of ferry fares on all routes for December and January. This is on top of the upcoming 50 per cent reduction in the fuel surcharge on ferry fees that will come into effect November 4. In addition, ferry service levels for all routes, including the
9. Rein in avoidable government spending: The Province will re-evaluate spending priorities and focus on scaling back unbudgeted increases.
These measures account for an additional accumulation of $485 million in tax relief and support for businesses, families and individuals over the next three years.
“These measures are as aggressive as our current fiscal outlook allows, without compromising our ability to balance the budget or cut previously planned funding lifts for critical government services such as health care and education,” said Premier Campbell “These measures will provide relief for families, workers and businesses by putting more money back into taxpayers’ pockets.”
Earlier in the day, Premier Campbell announced a series of initiatives to ensure the province is getting the best possible input and expert advice on ways to improve in competitiveness and productivity. They include:
· A new Economic Advisory Council composed of some of
· A “New North” Economic Summit will be organized for January in
· A two-day Economic Summit will be held in
· New measures will be taken to implement the Trade, Investment and Labour Mobility Agreement with
· B.C. will work with other provinces and the federal government to eliminate regulatory duplication and reduce costs of federal-provincial overlap.
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