B.C. businesses seek concrete economic ‘vision’ from parties ahead of fall election

Leaders from a wide array of businesses in British Columbia are urging the province’s political parties to “deliver a clear and actionable plan” for revitalizing an economy that they say has pushed many residents into a “personal recession.”

Groups representing the forestry and mining industries, independent businesses and contractors say they have sent a survey of 10 questions to leaders of political parties ahead of the fall election, asking for a clear response on their economic visions for B.C. and concrete steps to get there.

Business Council of British Columbia president Laura Jones says her group is seeing more residents expressing a loss of hope in their “prospect of building a good life” in the province due to economic concerns, even if B.C. isn’t technically in a recession.

Other business leaders say they want the next B.C. government to answer concerns about the high cost of doing business, government budget deficits, bureaucracy in delaying permitting of projects, public safety and acute labour shortages.

The call for action comes the same day provincial finance minister Katrine Conroy is unveiling B.C.’s first quarterly report, and Greater Vancouver Board of Trade (GVBOT) President Bridgitte Anderson says businesses remain in the dark about the economic platforms of the major parties.

Anderson says a recent parliamentary budget report painted a “dire” picture for B.C.’s finances that requires “billions of dollars that need to be cut or increased in taxes” for stability, and businesses are asking those who could form the next government “to show us a vision.”

“I think there’s a lot of voters who are undecided right now, within the business community and public at large,” Anderson says. “And I think this is an opportunity for all of the parties to look at their platforms and to appeal to the voters.

“This is a unique opportunity, and elections matter, campaigns matter. And this campaign will matter more than anything.”

In late August, the province said B.C. ended the fiscal year with a deficit of around $5 billion due to items such as wildfire expenses and essential spending on “priority services.”

That comes as the GVBOT says its members have incurred an additional 6.5 billion dollars in government imposed costs in the last two years, which Anderson tells 1130 NewsRadio is unsustainable for small businesses.

“The regulatory system is challenging when it comes to licensing and permitting. So businesses in British Columbia are facing many challenges right now, and the cost of doing business is simply too high,” she said.

Anderson says members of the board came up with 10 questions for political parties ahead of the election, hoping they are answered publicly. 

She says the questions focus on the economy, business growth, innovation, and investment, “but also other items like ‘what is the energy policy of all of the parties?’ And ‘how will they address some of the very serious issues we’re seeing around public safety and crime?'”

Anderson says the NDP government has made some positive adjustments to their regulation thresholds to allow for breaks for small businesses, but many of the over 5,000 members of the GVBOT have answered surveys saying it’s still too expensive to do business in the region.

“It is property taxes, it is the cost of labour, it is inflation, it is licensing and permitting. It is so many layers of different costs that businesses are dealing with right now that simply make this jurisdiction just really unaffordable.”

During her report on Tuesday, Conroy said the first quarter of this fiscal year showed lower corporate income tax revenue and the cost of fighting wildfires as two factors having among the largest impacts on the provincial budget.

The report also says retail sales are down 0.5 per cent as “a continuation of last year’s weakness” due to inflation and high-interest rates, while the value of merchandise exports grew only 1.6 per cent as commodity prices remain low.

The fiscal update in August also said natural resources revenues are down while vehicle insurance revenue from ICBC rose.

Earlier this month, Canfor Corp. announced it is shuttering two northern B.C. sawmills, citing a recently imposed U.S. tariff as a key factor on top of ongoing financial losses, a weak lumber market and difficulty accessing economically viable timber in the province.

–With files from Srushti Gangdev.