Peterborough Chamber of Commerce calls on Province to ‘Get Back to Fiscal Balance’
Business Group Calls For 2016 Budget that Extends Business Engagement On Cap and Trade to Focus Proceeds on Job Creating Initiatives, and Contain Regulatory Burden to Ensure Economic Growth
PETERBOROUGH, ON, FEBRUARY 18, 2016: Today, Peterborough Chamber of Commerce in partnership with the Ontario Chamber of Commerce (OCC) released its 2016 Ontario Pre-Budget Submission, which outlines key priorities that address the need to eliminate the deficit and establish some much needed regulatory reforms. According to the most recent OCC membership survey, 92 percent of Ontario businesses believe it is important that the government meet its deficit elimination target by 2017-18.
The province's debt load has prompted credit rating agencies, most notably Moody’s Investors Service and Standard & Poor's, to downgrade the outlook for Ontario from stable to negative. This is a growing concern among foreign investors and provincial businesses. The Ontario Chamber Network recognizes that there is an opportunity to address the Province’s fiscal challenge through regulatory reform.
“The regulatory burden, or cumulative burden, facing business is growing,” said Jason Becker, BDO Canada LLP and Chair of the Board of Directors, Peterborough Chamber of Commerce. “We are asking the province to consider ways to mitigate the impacts around cap and trade by directing revenues from this program back into programs to help businesses transition to a lower carbon economy, and ORPP by offsetting the costs of the proposed plan through targeted tax relief or programs that provide relief in other areas such as the rising cost of electricity.”
In fact, 35 percent of respondents from the OCC membership survey are unsure as to how the proposed cap and trade system will impact their bottom line. By directing cap and trade revenues back to efforts that facilitate business transition to a lower carbon economy, the government can ensure that businesses will be able to continue to operate and grow in the province.
“The Ontario Chamber Network applauds the government for demonstrating its commitment to burden reduction through programs such as the Open for Business Initiative. By working together, business and government can ensure that Ontario becomes a global regulatory centre of excellence,” said Allan O’Dette, President and CEO of the Ontario Chamber of Commerce.
The 2016 Pre-Budget Submission includes 13 forward-looking recommendations designed to help the province create a stable environment for businesses in Ontario to thrive.
Read the Report
The Peterborough Chamber of Commerce also made a presentation to the pre-budget consultations on Tuesday, January 19, 2016 with a focus on the federal funding gap, cumulative burden, infrastructure needs and skilled talent. Read the Letter
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