The Business Council of Canada (BCC) has warned in an open letter to the federal government that the next budget must tackle the issues of declining investment and growing deficits.
The BCC said in its Oct. 1 letter that the country needs more public and private investment to increase productivity and boost growth, as it is currently “in the midst of an investment crisis.” The letter, written by President and CEO Goldy Hyder, also raises concerns with Canada’s current fiscal situation, as the upcoming budget is expected to present a large deficit.
“We cannot borrow our way to prosperity. If your government decides that deficit-financed investment does need to take place, it must be done responsibly,” the letter states, adding that the government must provide a plan to reduce the deficit year after year….