Weakening economy, slumping revenues, cost overruns – voters deserved to know how bad it’s gotten in British Columbia – before the election

"David Eby and Brenda Bailey are playing Santa with NDP insiders while our construction and resource workers are getting Scrooged ”

~~ Peter Milobar, MLA – Kamloops Centre, Finance Critic of the Official Opposition

British Columbia’s fall economic and fiscal update reveals a province sinking deeper into debt, plagued by revenues falling short of expectations and cost overruns on major projects, according to the Conservative official opposition.

“It’s easy to see why they released the fall economic statement a week before Christmas Eve,” said – Peter Milobar, MLA – Kamloops Centre, Conservative Finance Critic. “There’s a pay raise in the range of roughly $20,000 to $60,000 for every NDP MLA who is now a minster, minister of state, or parliamentary secretary. Promotions for NDP staffers.”

“Meanwhile our economy is slowing down, our budget deficit is expanding, and resource and business tax revenue is dropping,”

Milobar questioned why voters were never told about the $260 million cost overrun on the Pattullo bridge project revealed today.

“If I were building a multi-billion dollar bridge, if I was a project manger, it seems to me like I would let the Premier know if was going $260 million dollars over budget,” said Milobar. “I know it’s an awkward call to make. But still: “Mr. Premier…boss…um…there’s something you need to know about the bridge.”

Milobar pointed to flagging tax and royalty revenues as cause for concern, and questioned why the legislature was not recalled to debate the economic update. Tax revenues are now forecast to come in $555 million than promised in the pre-election budget. Resource royalties are $492 million lower.

“David Eby had to know this bad news was coming,” said Milobar. “Voters deserved to know the truth.”

“The government’s economic and fiscal update speaks for itself,” said Milobar.

‘Consumer spending has remained weak as high prices and elevated interest rates softened consumer demand and reduced purchasing power…

‘high interest rates and elevated prices continue to weigh down consumer sentiment’,

‘Housing starts have continued to trend downwards’ (down 11 per cent)…’

'real business investment is projected to decrease by 2.8 per cent.”

“If voters had seen this update before the election, I’m confident that David Eby would not be the premier today,” Milobar concluded.