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Finance Minister Carole James 91Ƶoptimistic91Ƶ about B.C.91Ƶs economic recovery

James noted more than 300,000 jobs lost in B.C. to the pandemic
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Minister of Finance Carole James. (Photo: THE CANADIAN PRESS/Chad Hipolito)

Provincial Finance Minister Carole James says it 91Ƶfeels like a lifetime91Ƶ since she tabled the 2020 provincial budget in February, just four months ago.

She observed the economy had already been slowing down, with 91Ƶmoderation91Ƶ in economic growth across the globe, and so took that into account in building the budget.

91ƵWe made sure we had a strong, resilient economic foundation to be able to build from,91Ƶ James said. 91ƵWe certainly knew there were going to be challenges ahead, when it came to moderation, but I don91Ƶt think any of us could imagine the kind of situation that we91Ƶre all living through now.

91ƵThis is unlike any challenge that we91Ƶve faced,91Ƶ James said. 91ƵCOVID-19 has impacted every sector, every family, every community, every part of our community.91Ƶ

91ƵWhen we91Ƶre talking about businesses being hit, that91Ƶs individuals and families as well, not only the business owners but in fact the employees.91Ƶ

James noted that more than 300,000 jobs have been lost in British Columbia because of the pandemic.

She was the guest speaker in a Surrey Board of Trade 91Ƶdigital town hall91Ƶ via Zoom. Monday91Ƶs topic was 91ƵCOVID-19: Relief, Restart and Recovery for Surrey and B.C.91Ƶ

The finance minister said while she knows people are 91Ƶkeen91Ƶ to get back to work, 91Ƶwe need to do that in a very planned, and a very careful, and a very measured approach.91Ƶ

91ƵWe don91Ƶt want to get ahead of ourselves,91Ƶ she said.

James said $1.5 billion of B.C.91Ƶs $5 billion COVID plan has been earmarked for economic recovery. 91ƵOnce again, I think it91Ƶs critical to note that we did that from the start.91Ƶ

91ƵThat91Ƶs one-time money,91Ƶ she said. 91ƵWe will be gathering the feedback, as we are doing now, through ministries meeting with their sectors, through the premiers table and through other areas. Individual business ideas have been coming forward as well. We91Ƶll be making a determination around where those dollars can best be used.

James said while she 91Ƶdoesn91Ƶt want to pre-determine any processes,91Ƶ she expects education will be 91Ƶa big discussion91Ƶ when it comes to how that money will be allocated.

91ƵDo we look at further training, and skills training for the kinds of youth who are having to re-tool for new kinds of jobs, perhaps, or new industries?91Ƶ

James said the government is tracking the impact the pandemic has had on particular sectors and age groups. For example, Stats Canada released employment-related figures last week, she noted, that show 91Ƶthe youth are particularly impacted, particularly facing challenges, 18 to 24-year-olds. And that91Ƶs no surprise when you look at the sectors that are most impacted 91Ƶ retail, restaurants, bars.91Ƶ

On rent assistance for business owners, she said, last week the government brought in an emergency order to ensure that if a business is able to apply for the program and fit the criteria, but their landlord isn91Ƶt interested in applying, there will not be an eviction. 91ƵAnd that will stay in place as long as the federal program is in place and the emergency order91Ƶs in place.91Ƶ

The provincial government also brought in a $1,000 emergency benefit for workers and in July it will 91Ƶboost91Ƶ the climate action tax credit. 91ƵWe91Ƶre increasing that payment.91Ƶ

91ƵWe91Ƶve deferred everything from the employers health tax to the PST to the hotel tax, to the carbon tax,91Ƶ James said. 91ƵWe also cut property taxes. The school portion, which id the provincial portion of property taxes, we have cut by on the average about 20 per cent, which again gives that immediate relief.91Ƶ

She said that while we have a 91Ƶchallenge91Ƶ ahead, 91ƵI do feel optimistic about our recovery.91Ƶ

James said the largest capital budget in B.C.91Ƶs history is contained in Budget 2020.

91ƵSo we have built in there the kind of infrastructure that also will assist as we look ahead, in to creating jobs. We have a large amount of infrastructure, for everything from hospitals to roads to bridges to transit, and that is in every corner of British Columbia, which will again provide us with a very good base to be able to provide that infrastructure spending and get those jobs going in British Columbia as well,91Ƶ she said.

91ƵWe91Ƶre not leaving people behind.91Ƶ



tom.zytaruk@surreynowleader.com

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About the Author: Tom Zytaruk

I write unvarnished opinion columns and unbiased news reports for the Surrey Now-Leader.
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