Minister Clement Highlights the Government's Cost Savings and Red Tape Reduction Efforts

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Aug. 16, 2012) - The Honourable Tony Clement, President of the Treasury Board and Minister responsible for FedNor, spoke to the St. John's Board of Trade about how the Government is working with Canadians to ensure economic growth, job creation and sustainable prosperity in the years ahead.

"We believe Canadians have an enormous opportunity to leverage our country's economic strengths and achieve this country's incredible potential," Minister Clement told members of the St. John's Board of Trade. "A key part of this is ensuring Canada's economy remains a world leader in job creation by eliminating the deficit in the medium term and cutting red tape for businesses."

Over the past 16 months, the Government of Canada has found targeted and balanced savings measures that allow the Government to eliminate the deficit in the medium term. As the Government continues to achieve ongoing savings for Canadian taxpayers, key investments supporting leading-edge innovation, including nearly a half-dozen research and development projects in Newfoundland and Labrador through the Atlantic Innovation Fund, remain in place.

"Our Economic Action Plan is working. We have already seen the creation of nearly 760,000 net new jobs across Canada since July 2009," said Minister Clement. "We are reducing government spending, creating a modern regulatory environment, and finding new sources of prosperity for the global economy of the 21^st century. Our Government recognizes that complex regulations cost time and money so we will continue to cut red tape for small businesses."

In April of this year, the Government of Canada implemented the "One-for-One" Rule that requires government to offset an equal amount of administrative burden whenever a new burden is added and repeal a regulation whenever a new one has introduced a new burden. The Canadian Federation of Independent Business estimates that red tape costs companies $30 billion annually.

In the last year, the Government of Canada has found $5.2 billion in ongoing savings over the medium term to eliminate the deficit, as well as identified ways to modernize its back office and refocused federal programs and regulations to make it easier for Canadians to deal with government.

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