Atlantic Chamber Concerned with PEI Budget
2024 Provincial Budget Makes Key Investments but Does Not Reduce Costs for Business
2024 Provincial Budget Makes Key Investments but Does Not Reduce Costs for Business
Windsor, NS (February 29, 2024) – The Atlantic Chamber of Commerce (ACC) is pleased to see the Government of Prince Edward Island increase the basic personal amount and make investments in housing and skills but remains concerned with continued deficit spending and no new measures to reduce the cost of doing business.
Government is estimating a $85.5-million deficit for 2024–25 and is projecting larger deficits for the coming years with combined deficits from 2023 to 2026 expected to reach a total of $230 million. Running continued deficits is unsustainable and the Government should begin taking steps to curb spending.
“While Budget 2024 makes meaningful investments in housing and lowers income taxes, the burden on business remains high” said Rhonda Tulk-Lane, CEO of the Atlantic Chamber of Commerce. “Reducing regulatory burden is a low-cost initiative that yields a high level of economic growth and increases competitiveness and productivity. As other jurisdictions take significant steps to reduce regulatory burden on business, it is important for it to become a priority of this Government.”
Support for small and medium-sized enterprises and reducing the cost of doing business are high priorities for businesses across the province. While Budget 2024 takes good first steps to address critical social concerns, it does not have substantial support for the private sector.
The ACC stands ready as a willing partner for the Government of Prince Edward Island as the province strives to grow the economy and improve business conditions.
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About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses and their 300,000 employees through its network of 90 Chambers of Commerce in the four Atlantic Provinces.
For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada. ACC does this through strategic advocacy that shapes policy issues that impact business, the delivery of high-value programs and services to support business, and the facilitation and promotion of initiatives for business that contribute to sustainable economic growth in the region.
