Atlantic Chamber Statement on Government of Canada 2021-22 Budget

2021-22 Budget provides necessary funding for business, but debt level raises concerns
 
Windsor, NS (April 20, 2021) – The Atlantic Chamber is encouraged by some of the programs committed to in Budget 2021 but remains concerned with the high level of spending and how that may impact the future.

The Government of Canada announced its 2021 Budget on April 19, 2021, with a deficit of $154.7 billion. The Budget committed to continuing much needed support programs for business into the fall, such as the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS). The Budget also introduced new proposals such as a plan to implement a national childcare program.

“The announcements in todays budget featured extensions for programs assisting businesses in need and has created a long-term plan to better support families re-entering the workforce through a plan for childcare.” said Sheri Somerville, CEO, Atlantic Chamber of Commerce. “The Atlantic Chamber supports Government providing aid to businesses as long as restrictions are in place that inhibit economic activity.”

While supports for business are welcome as we continue to deal with the impacts of COVID-19, the Atlantic Chamber is concerned with Canada’s increasing level of expenditures and debt. Canada is tying its deficit reduction strategy to economic growth as opposed to looking long term at the cost of Government and expenditures.

By 2026, public debt charges will have soared from $22.1 billion to $39.3 billion. It is critically important that government does not solely rely on economic performance to manage its fiscal house. Government will have to become leaner as it moves forward in the future, if it does not, then it will have no choice but to raise taxes on the citizens and businesses across Canada.

The Atlantic Chamber of Commerce remains willing to work with all levels of Government to support a robust and revitalized private sector as we recover from the COVID-19 pandemic.
 
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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 through its network of 94 Chambers of Commerce and Boards of Trade and 30 corporate partners 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.
 
For more information contact:
Patti Colson
Manager, Communications & PR
patti@atlanticchamber.ca