Atlantic Chamber Concerned About Growing Debt & Limited Focus On Economic Growth
Windsor, NS (March 28, 2023) – Today the Government of Canada invested significantly in our labour market through training and skills development, but fell short on providing much needed relief for business. The Atlantic Chamber of Commerce (ACC) applauds Government for recognizing the challenges of the labour market and is looking for Government to explore ways to further support the growth and stability of the private sector.
ACC welcomes the focus on Canada’s labour market, noting the Government has committed to:
- Employer-led training: $250 million over three years for the Upskilling for Industry Initiative to support more than 15,000 workers, and $125 million over five years to launch the Sustainable Jobs Training Centre.
- Financial support for adult learners: $815 million over five years for the Canada Training Credit, which covers up to 50 per cent of eligible training fees.
- Labour mobility improvements: $595 million over six years for the Labour Mobility Deduction for Tradespeople to make it more affordable to travel to where the jobs are located.
“Access to qualified workers and development of skills remains a high priority for businesses in Atlantic Canada,” said Sheri Somerville, CEO of the Atlantic Chamber of Commerce. “The significant investment in labour signals to businesses that Government is prepared to address their concerns about workforce shortages and build the workforce of today while preparing the workforce for tomorrow.”
While ACC is supportive of the measures to improve the labour market, it remains concerned about the growing national debt and the future consequences that debt may have. It is also concerned about the lack of relief for businesses that are burdened with the escalating costs of doing business. Government has also not addressed the potential for a CEBA loan extension, which would impact many vulnerable businesses burdened with high debt following the pandemic.
Overall ACC supports many initiatives within this budget. Investing in developing labour will be important for the economic growth of Atlantic Canada. The Chamber remains steadfast in its willingness to collaborate with the Government of Canada as we continue to address the many challenges facing businesses in our region.
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About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The 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 Boards of Trade 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.
