Stay the Course Action Lacks
Stimulus
For Immediate Release
October 22, 2008
TORONTO
-
The Ontario government's fall economic
statement has missed an opportunity to provide stimulus to the economy by
relying on an economic plan that may not be reflective of the current
situation.
"Ontarians
need confidence and what is required is a plan with bold leadership,"
explains Len Crispino, President & CEO of the Ontario Chamber of
Commerce (OCC). "While we are disappointed to see a deficit, it
would be easier to accept if it were accompanied by a plan to stimulate
the economy and to build a foundation for a more competitive province at
the end of this economic turmoil."
Pushing
forward with its infrastructure investments is a positive move, and the
OCC looks forward to seeing more concrete actions in the next budget that
would help to reduce the cost of doing business and provide confidence to
all taxpayers.
"Lowering
taxes isn't the only way to reduce business costs," adds Crispino.
"Cutting through the mountain of unnecessary red tape, overlapping
audits and overzealous enforcement which are costing businesses billions
of dollars each year, will go a long way to helping businesses maintain
profitability during these difficult economic times."
Similarly,
the OCC believes that it's vital the government establish a timeline to
move to a system of smarter taxation that removes the disincentives to
invest in innovation, and removes barriers to growth, paving the way for
higher productivity and job creation.
The
OCC looks forward to working with the Ontario government to identify
strategies that will form the basis of a three to five year economic plan
which will help strengthen Ontario so that it will emerge from the current
economic climate in a globally competitive position.
