FOR IMMEDIATE RELEASE

Atlantic Chamber of Commerce Applauds Another Surplus Budget in NB

Property tax reduction is a welcome step but comprehensive tax review is needed

 
Windsor, NS (March 10, 2020) – The Atlantic Chamber of Commerce is encouraged by the provincial government increasing the annual budget surplus to $125M. New Brunswick has made significant progress in stabilizing its fiscal situation and if their forecasts pan out, the province will be able begin to pay down $123M of the $14B public debt while still investing $600M in infrastructure to address health and education needs and produce facilitate movement of goods and people.
 
The most welcome announcement was the province’s commitment to reduce the punitive property tax rates that discourage investment and constrict municipal budgets. This targeted measure is long overdue, but does not come close to addressing the need for a review of the tax system. Our federal and provincial statutes require a comprehensive approach to creating a system that is both fair and less complex.
 
“While demonstrating fiscal responsibility, the current budget does little to address the most pressing concern for New Brunswick businesses, their inability to locate and hire qualified workers,” said Sheri Somerville, CEO of the ACC. “The government has is active in key areas such as immigration and work-integrated learning, but as a province we need to amplify our efforts to prepare our students and newcomers and provide pathways to local employment. Chambers of Commerce are concerned that because provinces has a rural population twice the national average, it is essential the province work with communities to ensure businesses in everywhere can attract and retain skilled workers.”
 
It is encouraging that government will work improve the cost and delivery of health services across the province. Recognizing the province’s growing number of retirement age citizens, it is critical that a meaningful consultation occur with stakeholders to achieve improvement in availability of health services.
 
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About the Atlantic Chamber of Commerce
As the strong, credible and unified voice that influences an environment where business in Atlantic Canada succeeds, the Atlantic Chamber of Commerce (ACC) represents more than 16,000 businesses through its network of 93 chambers of commerce and boards of trade in the four Atlantic provinces. ACC is a catalyst to influence, educate and advocate on policy related issues to support business, deliver high-value services and opportunities to our members, and to support and promote initiatives that contribute to sustainable economic growth in the region.
 
For more information:
Patti Colson
Coordinator, Communications & PR
1-902-694-2210
patti@atlanticchamber.ca