Eby defends controversial budget at Greater Vancouver Board of Trade event, says challenges faced ‘across Canada’

The premier defended his government’s budget in front of the B.C. business community, saying financial struggles reflect global trends.

At a Greater Vancouver Board of Trade event Friday morning, B.C. Premier David Eby spoke at length about his government’s controversial budget before a room full of stakeholders.

“The goals of the budget are grow the economy, stabilize provincial finances to be able to deliver the services that families deserve,” Eby said in his opening address at the Fairmont Hotel Vancouver.

The premier cited several reasons for his government’s projected $13.3‑billion deficit, including falling natural gas and timber prices.

“We are still an economy that is disproportionately dependent on resource revenues,” said Eby, adding that budget issues aren’t isolated to B.C.

“We’re all grappling with this across Canada. And it’s not just Canada provincially—it’s Canada federally, it’s the U.K., it’s the U.S., it’s the EU.”

Eby followed his opening remarks with a Q&A session with GVBOT president Bridgitte Anderson, who gave his government’s budget a “D” letter grade earlier this week.

Anderson says Eby’s remarks Friday did not ease her concerns.

“We remain very concerned about the fiscal trajectory of this province,” said Anderson. “We remain concerned about the ability to attract investment and about private sector growth.”

Anderson added that current budget concerns could result in future financial failures.

“We’re worried about possible downgrades from credit rating agencies, which will impact our ability to borrow as a province,” said Anderson.

Others in the large audience shared similar concerns following Eby’s appearance.

“It’s completely lacking,” said Mike Little, mayor of the District of North Vancouver. “Our biggest challenge is the Second Narrows Bridge. And even though his comments talked about the failing state of bridges, there was no reflection of that in the budget to actually say, we’re going to step up and actually be able to improve this and recognize that investing in that kind of infrastructure is positive for the economy.”

“There’s not a lot of in the budget that’s giving the business community confidence that we’re going to grow our way out of these structural deficits,” said Jeff Guignard, president and CEO of the Wine Growers of BC.

But Eby touted his government’s investment in infrastructure, health care and education. He also says major upcoming investments in the energy sector will benefit B.C.’s economy.

“In the next year, we are expecting about $50 billion in final investment decisions in energy, LNG, in the mining sector,” said Eby.

CTV News asked Eby if he’s reflected on the budget and what his government needs to improve moving forward.

“We need to address what’s happened on our watch, which is the growth in administrative, bureaucratic positions in the public service and the public sector,” said Eby, adding that the government intends to shed 15,000 jobs over the next three years.

Eby added that while his budget is projected to see a near $4‑billion increase to the deficit from last year, past budgets have came in lower than expected.

“I expect that we’re going to, as we consistently do, come in under our projections,” said Eby.