BURSTNDP, Conservative and Green Party candidates vying to be Premier of B.C. presented their competing visions for the province’s economy to the Greater Vancouver Board of Trade on Tuesday.
NDP Leader David Eby continued working to assuage concerns about the recent contract to build four new BC Ferries ships in China, promising that if his government is re-elected, he will work with Ottawa to build a new shipyard in the province.
“We can build B.C. Ferries here at home, driving economic opportunity for every British Columbian,” he said.
The Board of Trade event comes ahead of a scheduled debate among the leaders on Wednesday evening (Oct. 14).
B.C. Conservative Party Leader Lorne Doerkson centred his arguments around his business acumen and plans to “supercharge” the economy by lowering taxes. This includes plans to suspend PST for three years on qualifying investments such as machinery, tools and software.
“This tax relief will give B.C. companies powerful incentives to invest, innovate, and expand,” he said.
He said his party would also reduce regulatory complexity and cap permit approval timelines. The Conservatives would rely on the increased economic activity to fill tax coffers.
Eby quipped that the Conservatives are making “billions of dollars of unfunded commitments” that would dramatically increase the deficit.
He stated he wants to raise revenue by increasing income taxes on wealthy residents.
“Our taxes are very competitive nationally speaking, but we do require that those who earn a little bit more pay a little bit more in order to be able to deliver the healthcare that British Columbians deserve,” he said.
Doerkson said the NDP’s “reckless spending” is to blame for poor services and high deficits.
“We’re spending a lot, but we are not seeing the results that British Columbians expect,” he said.
Green Party Leader Emily Lowan took a different tack, calling for an economic pivot away from resource extraction that she says benefits foreign corporations more than British Columbians.
“It’s time to have a new debate — to ask who owns our economy, who’s profiting, and who’s left carrying the bag,” she said.
Lowan gave the example of liquefied natural gas extraction and exports, an industry which both other party leaders have pledged to support.
“Despite governments of all levels funnelling billions in subsidies for resource extraction, B.C. gets more revenue from the lottery and alcohol sales than it does from LNG,” she said.
The Green Party would also make up lost revenue with taxes, but with far larger levies than Eby’s. These wealth taxes on the ultra-wealthy include a large first-year levy — five per cent on wealth above $50 million, 10 per cent above $100 million and 20 per cent above $1 billion — that the party projects would raise $22.2 billion.
The wealth taxes would continue after the first year, but would be reduced by half.