A new report from the Canadian Federation of Independent Business is calling on governments across Atlantic Canada to tighten their belts.
The report urges provinces to stick to their budgets and use any unexpected revenue to pay down debt. Businesses argue that fiscal discipline is crucial for maintaining the trust of the business community.
Interestingly, the report finds that from 2011 to 2024, Newfoundland and Labrador was one of the provinces that stuck closest to its budget.
Jonathan Galgay, director of legislative affairs for Newfoundland and Labrador with the CFIB, says governments have to be held accountable for their decisions.
“When you deviate from a budget, it leads to uncertainty, so not paying down the debt and not focusing what your expenditures are going to be for the year adds pressure,” says Galgay.
