The Canadian Chamber of Commerce recently welcomed Ottawa’s plan to respond to the global recession.
“Since the meltdown in global financial markets last fall, we have called for a comprehensive strategy to limit the impact of the recession on Canada and to speed recovery. While there are elements that we would have designed differently, the government has consulted extensively and has answered our request to show how it thinks we can get our economy moving again. In the interests of all Canadians, the plan should be given a chance to work,” said Chamber President and CEO Perrin Beatty.
In his Budget speech, Finance Minister Jim Flaherty responded positively to a number of the Canadian Chamber's proposals to mitigate the impact of the recession and stimulate the economy, including
• accelerating infrastructure spending;
• providing greater access to credit for businesses;
• offering tax relief for low- and modest-income Canadians;
• providing incentives for new business investment;
• continuing the previously announced corporate tax reductions; and
• strengthening labour adjustment programs and training for unemployed workers.
The Canadian Chamber welcomed the extensive budget consultations and engagement of the government, and how it took into account the suggestions from the Chamber network across Canada. However, it noted that the government’s projections for recovery are more optimistic than most private sector economic forecasts, and it will closely monitor progress to ensure that deficit financing does not become permanent.
“Both Throne Speech and budget announcement acknowledged that economic conditions have deteriorated rapidly and that the government needs to respond urgently. While the next several months will be rough for both families and businesses, and we will watch carefully to ensure that Ottawa does not return to long-term structural deficits, the fact that we now have a clear strategy should help to restore consumer and investor confidence over the medium term. We believe it is an important step forward,” said Mr. Beatty.
Budget plan welcomed
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