Eby’s NDP Borrowed Big—and Blew It -- Debt Spirals Higher While Services for British Columbians Collapse

The release of the 2024/25 Public Accounts confirms what British Columbians already know: David Eby's NDP government is racking up record levels of debt while delivering the worst public services in a generation.

“When David Eby became Premier, BC had a nearly $6 billion surplus. Just two years later, the NDP has wasted it all away and saddled taxpayers with $24.5 billion in operating debt and counting,” said Peter Milobar, Opposition Finance Critic and Conservative MLA for Kamloops Centre. “This year alone, the NDP added $15.78 billion in new operating debt - and what do British Columbians have to show for it? ERs are still closing, schools are crumbling, and ferries can’t run on time.”

“Eby’s NDP debt disaster will only continue to spiral out of control, with major costs on the horizon, including wildfire contingencies, public sector bargaining and contract increases, and rising infrastructure cost pressures from the added cost of the CBA model,” said Milobar.

The Public Accounts reveal that total provincial debt has ballooned to $133.9 billion - a $26.4 billion increase in a single year. That’s $10.6 billion more debt than the government originally budgeted.

Breakdown of the debt added in 2024/25 alone:

• $15.78 billion in new operating debt
• $4.96 billion in new taxpayer-supported capital debt
• $2.79 billion in new BC Transportation Financing Authority debt
• $2.72 billion in new self-supported commercial Crown corporation debt

Since Eby took office, total provincial debt has jumped from $90 billion to $133.9 billion - a 47% increase in just two years.

Meanwhile, government spending on programs and services went up by $6.7 billion in just one year, and debt servicing costs rose nearly 30%, now consuming 4.1 cents of every tax dollar - up from 3.2 cents the year before.

“David Eby isn’t just borrowing more - he’s making life more expensive for future generations while failing to fix anything today,” Milobar added. “At this pace, he’ll be remembered as the Premier who buried BC under a mountain of debt and delivered a crisis in return.”

Milobar said the numbers confirm that the NDP’s reckless spending has not improved core public services but has left British Columbians footing a massive bill for mismanagement.

"Here in Kamloops", said Milobar, "With the growing operational debt, I'm worried that it will result in less financial capability to get much needed projects like the Red Bridge replacement, or area schools built in a timely way."

“Debt without delivery - that’s the Eby legacy,” said Milobar. “It’s time for common sense change.”