Minister of Finance Carole James. (Photo: THE CANADIAN PRESS/Chad Hipolito)

Minister of Finance Carole James. (Photo: THE CANADIAN PRESS/Chad Hipolito)

Finance Minister Carole James ‘optimistic’ about B.C.’s economic recovery

James noted more than 300,000 jobs lost in B.C. to the pandemic

Provincial Finance Minister Carole James says it “feels like a lifetime” since she tabled the 2020 provincial budget in February, just four months ago.

She observed the economy had already been slowing down, with “moderation” in economic growth across the globe, and so took that into account in building the budget.

“We made sure we had a strong, resilient economic foundation to be able to build from,” James said. “We certainly knew there were going to be challenges ahead, when it came to moderation, but I don’t think any of us could imagine the kind of situation that we’re all living through now.

“This is unlike any challenge that we’ve faced,” James said. “COVID-19 has impacted every sector, every family, every community, every part of our community.”

“When we’re talking about businesses being hit, that’s individuals and families as well, not only the business owners but in fact the employees.”

James noted that more than 300,000 jobs have been lost in British Columbia because of the pandemic.

She was the guest speaker in a Surrey Board of Trade “digital town hall” via Zoom. Monday’s topic was “COVID-19: Relief, Restart and Recovery for Surrey and B.C.”

The finance minister said while she knows people are “keen” to get back to work, “we need to do that in a very planned, and a very careful, and a very measured approach.”

“We don’t want to get ahead of ourselves,” she said.

READ ALSO: B.C.’s justice system in ‘triage,’ attorney general says

READ ALSO: Surrey panel tackles re-opening for business in the wake of COVID-19

James said $1.5 billion of B.C.’s $5 billion COVID plan has been earmarked for economic recovery. “Once again, I think it’s critical to note that we did that from the start.”

“That’s one-time money,” she said. “We will be gathering the feedback, as we are doing now, through ministries meeting with their sectors, through the premiers table and through other areas. Individual business ideas have been coming forward as well. We’ll be making a determination around where those dollars can best be used.

James said while she “doesn’t want to pre-determine any processes,” she expects education will be “a big discussion” when it comes to how that money will be allocated.

“Do we look at further training, and skills training for the kinds of youth who are having to re-tool for new kinds of jobs, perhaps, or new industries?”

James said the government is tracking the impact the pandemic has had on particular sectors and age groups. For example, Stats Canada released employment-related figures last week, she noted, that show “the youth are particularly impacted, particularly facing challenges, 18 to 24-year-olds. And that’s no surprise when you look at the sectors that are most impacted – retail, restaurants, bars.”

On rent assistance for business owners, she said, last week the government brought in an emergency order to ensure that if a business is able to apply for the program and fit the criteria, but their landlord isn’t interested in applying, there will not be an eviction. “And that will stay in place as long as the federal program is in place and the emergency order’s in place.”

The provincial government also brought in a $1,000 emergency benefit for workers and in July it will “boost” the climate action tax credit. “We’re increasing that payment.”

“We’ve deferred everything from the employers health tax to the PST to the hotel tax, to the carbon tax,” James said. “We also cut property taxes. The school portion, which id the provincial portion of property taxes, we have cut by on the average about 20 per cent, which again gives that immediate relief.”

She said that while we have a “challenge” ahead, “I do feel optimistic about our recovery.”

James said the largest capital budget in B.C.’s history is contained in Budget 2020.

“So we have built in there the kind of infrastructure that also will assist as we look ahead, in to creating jobs. We have a large amount of infrastructure, for everything from hospitals to roads to bridges to transit, and that is in every corner of British Columbia, which will again provide us with a very good base to be able to provide that infrastructure spending and get those jobs going in British Columbia as well,” she said.

“We’re not leaving people behind.”



tom.zytaruk@surreynowleader.com

Like us on Facebook and follow Tom on Twitter

CoronavirusSurrey

Just Posted

Two volunteers work to sieve a sample of sand and ocean water through a filter, capturing any potential microplastics. (Courtesy of Ocean Diagnostics)
Victoria startup making waves in microplastics research

New products from Ocean Diagnostics will make research faster, more affordable

Island Savings kick-starts the Equipped to Heal campaign with $120,000. (Courtesy Victoria Hospitals Foundation)
Latest Victoria Hospitals Foundation campaign targets $1M for mental health

Goal is to outfit new 19-bed unit at Eric Martin Pavilion

Willows Beach in Oak Bay. (Black Press Media file photo)
Seven days of sun set to shine on Greater Victoria

Special weather statement warns of higher than usual temperatures

Hot rods, rad rods, muscle and sports cars spanning the decades made their way in a parade from North Saanich to Victoria on June 19. (Kiernan Green/News Staff)
PHOTOS: Classic cars cruise Saanich Peninsula in advance of Father’s Day

Retirement home residents from North Saanich to Victoria treated to a spectacle of hot rides

Chef Trevor Randle leads a June 21 online cooking featuring recipes – beef zesty lettuce wraps, blueberry strudel and blueberry spritzer. (Courtesy We Heart Local BC)
Free online cooking course explores B.C. blueberries and beef

Chef Trevor Randle calls them the province’s most flavourful foods

Jesse Roper tackles weeds in his garden to kick off the 2021 season of What’s In My Garden Man? (YouTube/Whats In My Garden)
VIDEO: Metchosin singer-songwriter Jesse Roper invites gardeners into his plot

What’s In My Garden, Man? kicks off with the poop on compost

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

A Lotto 6/49 ticket purchased in Parksville for the June 19, 2021 draw is a $3M winner. (Submitted photo)
Winning Lotto 6/49 ticket worth $3M purchased on Vancouver Island

Lottery prize winners have 52 weeks to claim jackpot

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

The George Road wildfire near Lytton, B.C., has grown to 250 hectares. (BC Wildfire Service)
B.C. drone sighting halts helicopters fighting 250 hectares of wildfire

‘If a drone collides with firefighting aircraft the consequences could be deadly,’ says BC Wildfire Service

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Most Read