Colin D’Mello
Queen’s Park Bureau Chief and Video Reporter, CTV News Toronto
@ColinDMello
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TORONTO –
Ontario’s Progressive Conservative government to unveil the 2020-2021 Budget on November 5, which is expected to reveal how the province will deal with the economic fallout from COVID-19
Finance Minister Rod Phillips said the budget would outline three scenarios of the financial impact of the pandemic, taking into account private sector economic forecasts, while detailing a three-year plan to address economic challenges
« Having a financial plan is important, especially when the going is uncertain, » Phillips said on Monday. « Great uncertainty remains today »
Phillips also said the government will spend billions of dollars on the budget document saying « it would be arrogant to ignore the lessons » learned during the pandemic
« This will be a three-year budget that will build on our government’s $ 30 billion response to COVID-19, » Phillips said
While the government has already planned to run a $ 38.5 billion deficit, the Prime Minister has indicated that deficit spending due to the pandemic will continue
« I just don’t believe raising taxes is the solution to our problems, » said Ford, suggesting the premier was prepared to take on more debt in an effort to pull the province out of the recession brought on by the pandemic
In doing so, the Prime Minister appears to be listening to the concerns of his critics at Queen’s Park who say now is not the time for austerity
Meanwhile, Green Party Leader Mike Schreiner calls for targeted compensation for small businesses that are forced to shut down or change their businesses to adhere to public health protocols
« I think deficit financing is the way to go, interest rates are low, » Schreiner told reporters at Queen’s Park
« Once we get through this pandemic there will certainly be a toll and we will have to ask ourselves what is the most appropriate way to restore balance, but no one is asking for austerity right now »
Phillips said the government will table another budget in March 2021, giving taxpayers a more comprehensive look at the province’s fiscal future
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News from the world – CA – Ontario government to table budget in November 5
