Chamber supports 'historic' federal budget
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The federal budget gives local businesses the support they need, says the CEO of the Chamber of Commerce Brantford-Brant.
David Prang said Monday’s budget is “historic” and comes at a time when Canadians need it most.
“Canada’s 2021 budget gives businesses in Brantford-Brant the much-needed supports to help weather the current health crisis,” he said. “It lays the foundation for a strong and inclusive economic recovery.”
Prang said the focus on growth and jobs is a important step towards economic recovery but the emphasis will need to shift to private investment from public spending to get the nation’s finances under control.
“The plan to reduce deficits over the coming years is important but will depend on meeting our growth target,” he said said in a statement.
The budget is expected to result in a federal debt of about $1.4 trillion by 2025-26, up from the debt of $721 billion in 2019-20.
The federal government unveiled a $10-a-day national child-care strategy in the budget.
Leading up to the budget, the chamber, locally and provincially, urged federal and provincial governments to invest in the long-term affordability and accessibility of child care and address the shortage of early childhood educators, Prang said.
“We’re pleased with the Government of Canada’s historic investments and commitment to working closely with the provinces and territories on program design and delivery, as recommended in our report, The She-Covery Project: Confronting the Gendered Economic Impacts of COVID-19 in Ontario.”
The budget calls for more than $100 million in new spending over the next three years and for $30 billion in extra spending on child care in the next five years.
Affordable and accessible child care can help level the economic playing field for families, said Prang.
The federal government is also extending supports to business, including the Canada Emergency Wage Subsidy and the Canada Rent Subsidy. As well, there is support for small business and entrepreneurs.
“We’re pleased to see additional access to capital for small business and entrepreneurs through initiatives such as the enhancement of the Canada Small Business Financing Program and resources to support diverse Canadian entrepreneurs,” Prang said.
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