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Finance Minister Carole James 㽶Ƶֱoptimistic㽶Ƶֱ about B.C.㽶Ƶֱs 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 㽶Ƶֱfeels like a lifetime㽶Ƶֱ since she tabled the 2020 provincial budget in February, just four months ago.

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

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

㽶ƵֱThis is unlike any challenge that we㽶Ƶֱve faced,㽶Ƶֱ James said. 㽶ƵֱCOVID-19 has impacted every sector, every family, every community, every part of our community.㽶Ƶֱ

㽶ƵֱWhen we㽶Ƶֱre talking about businesses being hit, that㽶Ƶֱs individuals and families as well, not only the business owners but in fact the employees.㽶Ƶֱ

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 㽶Ƶֱdigital town hall㽶Ƶֱ via Zoom. Monday㽶Ƶֱs topic was 㽶ƵֱCOVID-19: Relief, Restart and Recovery for Surrey and B.C.㽶Ƶֱ

The finance minister said while she knows people are 㽶Ƶֱkeen㽶Ƶֱ to get back to work, 㽶Ƶֱwe need to do that in a very planned, and a very careful, and a very measured approach.㽶Ƶֱ

㽶ƵֱWe don㽶Ƶֱt want to get ahead of ourselves,㽶Ƶֱ she said.

James said $1.5 billion of B.C.㽶Ƶֱs $5 billion COVID plan has been earmarked for economic recovery. 㽶ƵֱOnce again, I think it㽶Ƶֱs critical to note that we did that from the start.㽶Ƶֱ

㽶ƵֱThat㽶Ƶֱs one-time money,㽶Ƶֱ she said. 㽶ƵֱWe 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. We㽶Ƶֱll be making a determination around where those dollars can best be used.

James said while she 㽶Ƶֱdoesn㽶Ƶֱt want to pre-determine any processes,㽶Ƶֱ she expects education will be 㽶Ƶֱa big discussion㽶Ƶֱ when it comes to how that money will be allocated.

㽶ƵֱDo 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?㽶Ƶֱ

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 㽶Ƶֱthe youth are particularly impacted, particularly facing challenges, 18 to 24-year-olds. And that㽶Ƶֱs no surprise when you look at the sectors that are most impacted 㽶Ƶֱ retail, restaurants, bars.㽶Ƶֱ

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 isn㽶Ƶֱt interested in applying, there will not be an eviction. 㽶ƵֱAnd that will stay in place as long as the federal program is in place and the emergency order㽶Ƶֱs in place.㽶Ƶֱ

The provincial government also brought in a $1,000 emergency benefit for workers and in July it will 㽶Ƶֱboost㽶Ƶֱ the climate action tax credit. 㽶ƵֱWe㽶Ƶֱre increasing that payment.㽶Ƶֱ

㽶ƵֱWe㽶Ƶֱve deferred everything from the employers health tax to the PST to the hotel tax, to the carbon tax,㽶Ƶֱ James said. 㽶ƵֱWe 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.㽶Ƶֱ

She said that while we have a 㽶Ƶֱchallenge㽶Ƶֱ ahead, 㽶ƵֱI do feel optimistic about our recovery.㽶Ƶֱ

James said the largest capital budget in B.C.㽶Ƶֱs history is contained in Budget 2020.

㽶ƵֱSo 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,㽶Ƶֱ she said.

㽶ƵֱWe㽶Ƶֱre not leaving people behind.㽶Ƶֱ



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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