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Economic and financial update: delaying zero deficit is a concern and a reminder of the urgency of improving the business environment

Montréal, November 28, 2013 – The Board of Trade of Metropolitan Montreal is concerned about the potential impact of announcements made today by the Minister of Finance and the Economy Nicolas Marceau as part of his economic and financial update. “A two-year delay in balancing the budget, combined with an unexpected deficit of $2.5 billion, shows a great deal of vulnerability in Quebec's public finances,” said Michel Leblanc, President and CEO of the Board of Trade.

“We are aware that the unfavourable economy has had a direct impact on tax revenues,” Michel Leblanc said. “We also agree that the Government of Quebec is carefully controlling its spending. However, we are not in the midst of a recession, and we are already the most indebted province in Canada. Given the context, it is dangerous to further burden our public finances.”

“The measures announced by the government as part of its Economic Policy shouldn't divert our attention from the need to quickly balance the budget,” Michel Leblanc said. “Given the economic and demographic challenges Quebec is facing, we need to avoid recreating a situation of recurrent and structural deficits. Our economic future depends upon it.”

“The primary challenge remains improving the business environment to promote wealth creation and economic growth,” Mr. Leblanc said. “So we support the government's decision to continue to control public spending and not increase the tax burden of individuals and businesses. By combining winning conditions to promote entrepreneurship and encourage companies to invest of their own volition, we will enable economic growth and sounder public finances. This is why we encourage the government to establish a clear, realistic plan to balance the budget to create a predictable, reassuring climate for investors and financial institutions.”

The Board of Trade of Metropolitan Montreal will present its recommendations in detail during 2014-2015 pre-budget consultations.

About the Board of Trade of Metropolitan Montreal

The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.


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Source : 

Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042

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