Conversely, there is little in Minister MacMaster’s speech addressing the challenges facing companies trying to provide good-paying jobs in communities across the province. Businesses, especially SMEs and those in the hospitality sector, are struggling to recover from the effects of the pandemic in an environment of rapidly increasing costs, inflation, and scarcity of qualified workers. Without assistance, the debts incurred to ride out lockdowns and restrictions during COVID may cripple small businesses which are the lifeblood of the province’s economy and rural communities. The expansion of the More Opportunity for Skilled Trades program to include nurses is welcome, but more needs to be done to improve the processing of applications and recognition of skills for immigrants.
“Addressing the immediate needs in housing and healthcare benefits everyone,” says Sheri Somerville, CEO, Atlantic Chamber of Commerce. “Nova Scotia is rightfully investing to accommodate population growth but needs a vibrant business community to achieve growth. As much as housing and healthcare is part of that equation, government must also support efforts to contain the cost of doing business and focus on attracting and developing a workforce that will power the province’s future.”
In an era of precarious economic conditions, with concerns of inflation and recession still valid, fiscal prudence becomes more important. With a provincial debt that has ballooned and is forecast to increase for the foreseeable future, it is past time that the Nova Scotia government rein in spending and reduce debt levels that are amongst the highest in the country. Unexpected surpluses should be applied to the province’s debt rather than be used to fund almost a billion in additional spending as seen in 2022. We should not ask future generations to fund an effort to spend our way to prosperity.
Taxes are increasingly affecting individuals and businesses. It is also long overdue that Nova Scotia addresses the burden on taxpayers and low income earners by substantially increasing the basic personal amount. Even more impactful in reducing the cost of government would be a comprehensive review of tax statutes with a goal of simplifying compliance.
The Nova Scotia business community appreciates the value of investments in support of population and economic growth in expanding the labour force but advocates for a balanced approach that includes indication of support for struggling business owners and employers. Chambers of Commerce across the province are willing and able to work with government in devising solutions to the problems of access to skilled labour, the increasing cost environment and support for our economic backbone – small and medium-sized businesses.
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About the Atlantic Chamber – The Voice of Atlantic Canadian BusinessThe Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses through its network of 90 Chambers of Commerce and corporate partners in the four Atlantic Provinces. For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada.
