Toronto Board of Trade

Toronto Board of Trade

March 06, 2007 11:15 ET

A ‘PUNCH IN THE NOSE FOR GRIDLOCK'

Board of Trade welcomes new transit funding

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO--(CCNMatthews - March 6, 2007) - The Toronto Board of Trade welcomed today's announcement of new federal funding for public transit in the GTA as great news for Toronto in the fight against traffic congestion.

"This is a punch in the nose to the traffic congestion that threatens our economy and quality of life," said Board President & CEO Carol Wilding, "The Board of Trade and others have been calling for increased federal investment in public transit for many years, and we are thrilled and appreciative to see the Prime Minister, Premier and Mayor work together to make this happen."

However, Wilding goes on to caution that one-time investments, no matter how large, are not enough to solve the gridlock challenge in Toronto or meet the needs for public transit in Canada's cities.

"Public transit in Canada is still starved for funds and the money comes in chunks for particular projects, instead of in a steady stream," notes Wilding, "The federal government needs to invest at least a billion dollars a more, every year, in public transit across Canada.

"Just as importantly, long-term and predictable funding needs to be part of a strategic approach. Canada is the only G-8 nation without a national transit strategy and it's time we had one. Here in Toronto, the new Greater Toronto Transportation Authority needs to get off the ground, with sufficient funding and authority, as quickly as possible."

Wilding concludes that today's announcement, while great news for Toronto, should be just the first step in an ongoing plan to revitalize public transit in all of Canada's cities.

The Toronto Board of Trade is the champion of a competitive and vibrant Toronto with a mandate to serve, represent and unite the city's business community. Founded in 1845, Canada's largest chamber of commerce operates at five locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at www.bot.com. Further commentary from Board executives is available on the Board Blog at www.bot.com/blog. /For further information: www.bot.com/media/ IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager, Toronto Board of Trade
    Primary Phone: 416-862-4565
    E-mail: gstone@bot.com