“BC Budget Surplus: How the New Government Plans to Support Its People During an Economic Slowdown”

VICTORIA – British Columbia’s new Democratic government says it plans to use this year’s projected budget surplus of nearly $6 billion if an economic slowdown looms.

The Government Speech from the Throne read by Lt.-Gov. Janet Austin, who is in the legislature today, outlines a policy agenda for the coming months that includes a plan to support people in the face of rising costs now and in the long term.

But the speech says a global economic slowdown is forecast and BC is unlikely to be in a budget surplus situation for long.

The speech dismisses the idea that BC should respond to a looming downturn by curtailing services when some people are still struggling in the wake of the COVID-19 pandemic.

The speech said the government will introduce new laws this spring on pay transparency, fighting organized crime and money laundering, and banning the malicious and exploitative non-consensual sharing of intimate images.

Prime Minister David Eby is not in Parliament today to deliver his first throne speech since replacing former Prime Minister John Horgan, and is instead in Ottawa with other Prime Ministers to meet with Prime Minister Justin Trudeau to discuss an increase in funding to negotiate for healthcare.

A budget surplus of $5.7 billion was forecast late last year, but the speech describes this as a one-off event driven mostly by higher tax revenues and revenues from natural resources.

“Some would say we should respond to a downturn by withdrawing, reducing benefits, or letting people pay for healthcare out of pocket,” the speech said.

“There is too much at stake right now to withdraw support for people who are only now finding their feet after the pandemic.”

The speech said the government will announce an updated housing strategy that will include investments to improve housing and services near transit station areas across BC

“New legislation will be introduced in the fall session after working with local governments, homebuilders and communities to transform this strategy into new affordable homes,” the speech reads.

The speech said the government will continue to put people first in the budget it introduces later this month.

“It will make new record investments to improve public health care and create more housing for middle-class families,” the speech reads. “It will introduce new measures to lower the cost of living, particularly for the most vulnerable.”

This report from The Canadian Press was first published on February 6, 2023.

The Canadian Press

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