Since 2001, British Columbia has cut over 100 taxes and slashed over 37 per cent of its red tape in order to restore its competitiveness in the world economy and attract a booming private-sector to the province. This was combined with a commitment by government to restore fiscal discipline through balanced budgets, and investments in building new infrastructure such as highways, universities, and schools. As a result, hundreds of thousands of new jobs have been created since 2001.
With the current global economic challenges, B.C. is investing close to $14 billion over the next three years to build new infrastructure like roads, bridges and hospitals to create 88,000 new jobs. Challenges and Opportunities:
Global economic factors such as the U.S. housing crisis and financial upheavals inevitably have an effect on British Columbia’s economy and can slow job creation. While observers agree that B.C. is one of the best-positioned jurisdictions to withstand these upheavals in the short term, we are not immune to the changes and challenges that are inevitably going to take place. We have protected our investments in critical services like health and education, but we’re also faced with tough decisions as we work together to build our province and emerge from these challenging times stronger and more competitive.
Discussion:
What additional measures can we take to make B.C. more competitive internationally, make our economy more diverse, and continue to create jobs? How important is it to lower costs – such as taxes – to encourage investment? What kind of cost-cutting measures would benefit our economy the most – or the least?
B.C.'s small business growth leads Canada
B.C. government eliminated 164,000 pieces of red tape
B.C. Liberals lowered small business taxes
Province cut corporate taxes by one-third
Record funding for K-12 education
Class size limits enshrined in law
B.C. parents' right to volunteer guaranteed in law
Province adds more front-line staff for children at risk
B.C. Liberal government provided more funding for community infrastructure
B.C. government grants $285 M for regional economic trusts
All traffic fine revenue returned to cities annually
Provincial income tax eliminated for a quarter million low-income people
Number of child care spaces receiving operating funding almost double
B.C. Liberal government cut income taxes to lowest in Canada
Agreements providing social and economic opportunities for First Nations
B.C. Liberal Government signed modern treaties with six First Nations
Aboriginal unemployment a third lower than in 2001
B.C. Liberal government increased funding for health care by 60 per cent
B.C.'s first new regional hospital in 30 years built in Abbotsford
New hospitals under construction in five communities
Twice as many doctors being trained in B.C. than in 1990s
North America's most progressive climate action plan, praised by climatologists and economists
Carbon tax funds tax cuts and impact equal to removing 800,000 vehicles
Over 12,000 new and replacement seniors' care beds and units
Wait time for residential care down to 90 days from one year
B.C. government providing more home support care hours than ever before
B.C. Liberal government created seven new universities
