In the run-up to the release of the federal budget, Business in Vancouver asked local business experts what kind of budget would best serve B.C.
Lee Malleau, CEO, Vancouver Economic Commission:
More support in R&D funding for emerging sectors like clean tech and information and communications technology, especially including support for market development. Productivity and export-development programs for startup and early-stage companies. Continued and increased focus on global trade and investment activities.
Support early stage companies in emerging and technology sectors – like clean tech, digital media and information and communications technology – that have the most opportunity for growth. As well, increase attention to facilitating skilled-worker migration, especially the provincial jurisdictions. Additionally, keep making progress on free trade agreements.
Unproductive areas of R&D support. Military spending, though not wages and benefits.
Increased support for application processing for skilled workers and professionals into Canada as the economy recovers; the current backlog will stifle economic growth.
We agree it’s responsible to ensure we have sufficient workers to support our economy in the longer term, and that there is equity built into distribution; the concern is whether older people – especially women – have sufficient savings, so special provisions will have to be made for them so they don’t become impoverished and marginalized.
Jock Finlayson, executive vice-president, Business Council of British Columbia:
To continue to make progress toward restoring a balanced federal budget, after a few years of substantial deficits. To carry forward with the Asia-Pacific Gateway and Corridor initiative, to position Canada to succeed in what some analysts now refer to as the “Asian century.” To draw on the recommendations and analysis contained in the recent Jenkins report to begin overhauling federal government programs directed at supporting business innovation.
Streamlining regulatory processes, particularly processes that affect investment in resource and infrastructure projects. It is important that Ottawa modify the existing environmental assessment regime to enable single, integrated federal-provincial assessments, to expedite reviews, and to focus assessment resources on significant – rather than minor – projects.
Prime Minister Stephen Harper was correct to draw attention to the fiscal and other policy challenges associated with population aging. Many other countries – including the U.S., Sweden, Germany and the U.K. – are moving to increase the age of eligibility for public pensions. It makes sense for Canada to at least consider doing the same.
John Winter, president and CEO, BC Chamber of Commerce:
The overriding priority for governments is to return Canada to balanced budgets while ensuring our recovery continues. To do this, spending restraint will be critical and the government needs to restrict growth to program spending to no more than the rate of growth in the economy – on average 2%. Also, now is the time for a dialogue regarding needed changes to Canada’s EI system. Our members across the country have told us that it is time to operate Canada’s employment insurance program as a true insurance program. To do this, we need to restructure the program to improve equity, provide an incentive for firms to reduce layoffs, encourage hiring, promote labour mobility and ensure program costs do not constrain economic activity.
Governments are not well-placed to pick winners or losers, either on a sectoral basis or geographically. That said, B.C. remains Canada’s gateway to the fastest-growing region of the world: Asia Pacific. The federal and provincial governments have been visionary in their approach to the opportunity presented by Asia, and a continued commitment by the federal government to building infrastructure required to realize the Asia Pacific opportunity will be the biggest boon to job creation in B.C. •
