Fall economic statement is a step in the right direction but lacks urgency, Business Council says

The federal government’s Fall Economic Statement includes a number of measures to spur investment in renewable energy, ease labour shortages and make life more affordable for Canadians, the Business Council of Canada (BCC) says.

Last month, BCC President and CEO Goldy Hyder wrote to Finance Minister Chrystia Freeland urging her to:

• Outline regulatory “rules of the road” and incentives to fast-track projects and infrastructure that will get energy, critical minerals, and other resources to global markets and international allies;
• Modernize and expand the capacity of the immigration system to alleviate Canada’s extremely tight labour market; and
• Resist the pressure for significant new spending programs and stay firmly focussed on overall deficit reduction. 

Today the government announced:

• Investment tax credits for clean technologies and clean hydrogen, a promise to help get critical minerals “out of the ground and to global markets”, and a further promise to improve regulatory processes for major projects;
• Measures to speed up immigration processing to allow more skilled newcomers to fill critical labour gaps; and 
• Targeted support for the most vulnerable Canadians while still reducing the federal deficit.

“The overall direction of the Fall Economic Statement is encouraging, but the government has to move even faster,” Hyder said.

“The competitive pressures on Canada are increasing, interest payments on the federal debt are rising quickly, and the economic outlook is worrisome to say the least.”

“Time is not our friend. The government needs to come forward early in the New Year with a budget that puts these measures into effect and takes concrete action to shore up Canadian competitiveness.”

Business Council of Canada
Founded in 1976, the Business Council of Canada is a not-for-profit, non-partisan organization representing business leaders in every region and sector of the country. The Council’s member companies employ 1.7 million Canadians, contribute the largest share of federal corporate taxes, and are responsible for most of Canada’s exports, corporate philanthropy, and private-sector investments in research and development. Through supply chain partnerships, service contracts and mentoring programs, Business Council members support many hundreds of thousands of small businesses and entrepreneurs in communities of all sizes, in every part of Canada. Follow us on Twitter and LinkedIn, and subscribe to our podcast.