The Chamber of Commerce of Metropolitan Montreal said Mark Carney\u2019s spring economic update does little to tackle red tape, calling the lack of targeted measures to ease regulatory and administrative burdens \u201cconcerning.\u201d<\/p>\n
\u201cReducing the deficit sends a signal of discipline and provides reassurance in the current economic climate,\u201d Isabelle Dessureault, the chamber\u2019s chief executive, said in a measured response. \u201cHowever, the lack of targeted measures to alleviate the regulatory and administrative burden that hinders business innovation and productivity is concerning.\u201d<\/p>\n
\u201cThe objective must be clear: to eliminate duplication, reduce inconsistencies, and fundamentally modernize the business environment to make it simpler, more agile, and more conducive to investment,\u201d Dessureault added.<\/p>\n
It comes amid frustration over the pace of reform, according to a report by the Financial Times this week. Leading Canadian industry groups say Ottawa\u2019s efforts to cut red tape are floundering, the paper reported, as compliance costs are still running into billions and implementation lagging behind a federal review that identified potential fixes.<\/p>\n
Tuesday\u2019s spring update, presented by finance minister Fran\u00e7ois-Philippe Champagne, pointed to a modestly improved fiscal outlook. It also outlined more than $50 billion in new spending measures over the next six years since the November budget.<\/p>\n
The federal government now expects the deficit to come in roughly $11 billion lower than forecast in the autumn, helped by stronger-than-expected growth and higher revenues, including from elevated oil prices.<\/p>\n
Much of the new spending builds on preannounced initiatives, including enhanced consumer supports such as a boosted GST credit and a temporary break on fuel taxes, as well as a push to expand the skilled workforce needed for an anticipated surge in construction tied to infrastructure and energy projects.<\/p>\n
The chamber acknowledged what it described as sound fiscal management in an uncertain global economy and backed Ottawa\u2019s emphasis on strengthening Canada\u2019s economic fundamentals, from workforce skills to access to capital and diversified trade.<\/p>\n
And it also endorsed the proposed \u201cStrong Canada Fund\u201d, a new investment vehicle combining public money, private capital and citizen participation, calling it a more modern approach to financing large projects, while cautioning that its success would depend on execution.<\/p>\n
But alongside regulation, it flagged housing affordability and access to talent as key constraints on growth, and also urged the federal government and provincial governments to better align themselves on immigration.<\/p>\n
The big items in the Spring update:<\/p>\n
More than $50 billion in new spending over six years, including consumer supports and industrial programs<\/p>\n
Roughly $6 billion over five years for education and skilled trades incentives<\/p>\n
A plan to recruit, train and hire 80,000 to 100,000 skilled workers<\/p>\n
Wage subsidies of up to $10,000 for employers hiring apprentices, plus grants of up to $16,000 for trainees<\/p>\n
Injection of $755 million into Canadian sport over five years<\/p>\n
A reduction in Canada Pension Plan contribution rates starting in 2027<\/p>\n
Continued reliance on stronger growth and higher commodity revenues to improve the fiscal outlook<\/p>\n
Do you have a story tip? Write to me at hnorth@postmedia.com<\/a><\/p>\n
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