Yesterday, the 2023 budget was released with a focus on addressing many of the symptoms of unaffordability affecting British Columbians. However, there was a lack of new investment aimed at improving the province’s business climate.
The Chamber is traditionally the first business association to host the finance minister after the unveiling of the province's annual budget and BC Finance Minister Katrine Conroy addressed more than 100 business and community leaders today at the Hotel Grand Pacific.
Among the highlights of BC Budget 2023 are $1 billion in new money for mental health and addiction services, new funding to improve food security and the $480 million Future Ready Plan, which will help employees gain the skills needed by employers.
The province is forecasting deficits for the next three years but has chosen to increase spending this year.
Minister Conroy said global inflation and the lingering effects of the pandemic are contributing to systemic challenges that make life less affordable for British Columbians.
In the next 30 days, the $3.6 billion surplus left over from last year needs to be spent and will be used for a number of projects currently in the works. Details of that spending will be made available in the coming weeks.
“The Chamber has heard from our members that they need help finding and keeping workers, and they want more done to ensure safe communities for all,” Chamber CEO Bruce Williams said, noting there are also annual increases to the Carbon Tax, which will add to the cost of doing business. “This budget will help by addressing symptoms of unaffordability through the renter’s tax credit, school food programs and a significant increase to healthcare funding. It’s a start but we would have liked to see BC Budget 2023 give a higher profile to the role business plays in improving the quality of life for all British Columbians. Businesses are the ones who make the investments needed to build resilience and create real solutions to affordability.”