The Honourable Siobhan Coady
Deputy Premier and Minister of Finance
Department of Finance, Newfoundland and Labrador
{Via email}
February 17, 2022
Re: Atlantic Chamber of Commerce Pre-Budget Submission to the Province of Newfoundland and Labrador
Dear Deputy Premier Coady,
The Atlantic Chamber of Commerce, representing 21 chambers of commerce and boards of trade and more than 3,000 businesses across Newfoundland and Labrador submits the following items for your consideration in the 2022-2023 Budget:
Immigration
Newfoundland and Labrador is the only province in Canada that has experienced a declining population since 2016. A geographically large province consisting of many rural communities, Newfoundland and Labrador is positioned to welcome many newcomers to Canada. Immigration can increase a tax base and revitalize communities that are seeing their population decline. Bold immigration targets will address labour market shortages that have been an increasing within Atlantic Canada. The Government of Newfoundland and Labrador should prioritize making sure Newfoundlanders and Labradorians have opportunities to increase and diversify skills and that businesses have access to a labour market that meets the needs of their workforces. Canada is ambitiously aiming to welcome 400,000 immigrants per year for the next three years. Newfoundland and Labrador should ensure appropriate supports for immigration are in place so the provincial population can grow and strengthen the economy.
Increasing Competitiveness
Decreasing regulatory burden is one of the most cost-effective ways to increase efficiency and productivity within an economy. Newfoundland and Labrador has not approached regulatory burden with the same ambition and resources seen in other Atlantic Canadian provinces. The province should consider dedicating resources to assessing new regulatory proposals in order to determine the impact they have on businesses and examine current regulations to find ways to save businesses time and reduce the cost of doing business.
Provincial Debt
Newfoundland and Labrador currently has the highest debt-per-person in Canada. Economists have suggested Newfoundland and Labrador does not have a revenue problem, but rather an expenditure problem. The province cannot continue borrowing at unsustainable levels and if it does not begin taking steps to reduce deficit spending, then there will have to be a public policy decision made to generate revenue from taxation. Doing so will make the province less competitive for business investment and talent attraction. The Atlantic Chamber recommends the Government of Newfoundland and Labrador take the necessary steps to reduce government expenditures.
Pandemic Support
Newfoundland and Labrador businesses have shown remarkable resilience and an ability to adapt to changing economic conditions. Government should set aside funding to be available to readily assist businesses if future restrictions return. The Atlantic Chamber believes a commitment to targeted supports for sectors potentially impacted by future restrictions will benefit the economy long term.
We are pleased to submit these priorities to you today as you develop a budget for Newfoundlanders and Labradorians and for businesses to recover from the impacts of the pandemic. The budget is an opportunity for Government to indicate the importance of the private sector and make critical investments and policy decisions to increase competitiveness, attract business investment, and grow the economy. The Atlantic Chamber remains a willing partner for Government as Newfoundland and Labrador moves forward.
Sincerely,
Sheri Somerville, CEO
Atlantic Chamber of Commerce
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Business Truth & Reconciliation
The Atlantic Chamber of Commerce takes proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework.
Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.
Learn more click here