With B.C.B次元官网网址檚 operating deficit heading past the $13 billion mark due to COVID-19, more than four out of five B.C. residents are concerned that tax increases and service cuts are coming, according to a new survey from the Business Council of B.C.

The business group commissioned a public opinion survey from Ipsos Public Affairs to test support for its B次元官网网址淏次元官网网址� recovery plan, to support businesses hit hardest by the pandemic and public health measures to contain it. The plan includes placing a time limit on municipal project approvals and restructuring B.C.B次元官网网址檚 sales tax to give the private sector a better chance to invest and recover.

The survey was conducted shortly after Premier John Horgan won a majority mandate in the Oct. 24 election. It found 81 per cent agreement that the B.C. government should do more to support businesses, and 79 per cent are concerned that the NDPB次元官网网址檚 election promises are going to lead to higher taxes or debt.

Concern about overspending is found across B.C. regions and age groups

B次元官网网址� Tom Fletcher (@tomfletcherbc)

Business council CEO Greg DB次元官网网址橝vignon said a surprising result of the survey is the high level of concern among younger people as well as older people who have lived through CanadaB次元官网网址檚 struggles with debt and deficits before.

B次元官网网址淭heyB次元官网网址檙e seeing this money fly around all over the place,B次元官网网址� DB次元官网网址橝vignon said in an interview with Black Press Media Dec. 1. B次元官网网址淓veryone has a story about getting money they didnB次元官网网址檛 think they deserve. They know itB次元官网网址檚 coming from somewhere, and they know theyB次元官网网址檙e going to have to pay it back at some point.B次元官网网址�

HorganB次元官网网址檚 campaign promise of $1,000 payments to most B.C. households has no requirement to show lost income. It comes on top of federal relief spending that has been shown to have greatly exceeded income losses across Canada, with more deficit spending promised this week by federal Finance Minister Chrystia Freeland.

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A by CIBC found Canadians are saving money at unprecedented rates, due to what economists describe as poorly targeted and excessive federal relief payments that many people have banked because they didnB次元官网网址檛 need the money.

B次元官网网址淐OVID-19 has triggered the largest cash accumulation in recorded history,B次元官网网址� the bankB次元官网网址檚 economists found.

And a recent report by the Organization for Economic Cooperation and Development showed household incomes in Canada rose 11 per cent in the second quarter of the fiscal year, despite a sharp contraction in the economy. The OECD calculated that Canadian labour income fell by more than $100 billion in the second quarter, but government transfers grew by $225 billion in the same period, leaving Canada with the largest deficit increase of any developed country.

B次元官网网址淲ith a new government in place and prospects of vaccines being available in 2021, now is the time to be thinking about how to get B.C. businesses back on their feet, how to recoup the 100,000 full-time jobs lost in the last year, and how to reinvigorate the private sector, which will drive the necessary government revenues to provide essential supports and address mounting public debt,B次元官网网址� BCBC president Greg DB次元官网网址橝vignon said.

tfletcher@blackpress.ca
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