B.C.’s Bleak Fiscal Future Requires Course Correction

VANCOUVER, B.C. — In response to the Province’s latest quarterly financial report, which forecasts significant deficits of $11.6 billion this year, followed by $12.6 billion next year and $12.3 billion in 2027-28, David van Hemmen, Vice-President of the Greater Vancouver Board of Trade, has issued the following statement:

“The latest Quarterly Financial Report unfortunately confirms that B.C.’s finances are not on a sustainable path.

Debt-fueled spending and persistent deficits leave less room for investment in the services British Columbians depend on. We need a clear and transparent plan to put provincial finances on a sustainable footing, strengthen confidence, and create the conditions for private sector growth. We need an agenda for economic growth that lowers costs, enables faster building and provides new market opportunities.

The threat of U.S. tariffs has damaged our economy and caused substantial uncertainty that has affected the entire economy. The B.C. government needs use the levers it has to increase confidence and certainty. It is critical that we turn words into action and proposals into shovels in the ground.

The business community joined together in October 2024 to highlight these concerns but also provide a path forward. The Board of Trade continues to believe that B.C. has the building blocks necessary to support a strong economy: an abundance of resources, a well-educated and skilled workforce, and a thriving technology and innovation ecosystem. Simply put, we have what the world needs, but we need action to attract investment, get our goods out to market, and build a stronger and more affordable province.”

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About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Western Canada's leading business association, engaging our members to inform public policy at all levels of government and empowering them to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events platforms in the country, providing a stage for national and international thought leaders to enlighten B.C.'s business leaders.

Media contact:

Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com