Ontario Chamber of Commerce

Ontario Chamber of Commerce

October 22, 2008 17:34 ET

Stay the Course Action Lacks Stimulus

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2008) - The Ontario government's fall economic statement has missed an opportunity to provide stimulus to the economy by relying on an economic plan that may not be reflective of the current situation.

"Ontarians need confidence and what is required is a plan with bold leadership," explains Len Crispino, President & CEO of the Ontario Chamber of Commerce (OCC). "While we are disappointed to see a deficit, it would be easier to accept if it were accompanied by a plan to stimulate the economy and to build a foundation for a more competitive province at the end of this economic turmoil."

Pushing forward with its infrastructure investments is a positive move, and the OCC looks forward to seeing more concrete actions in the next budget that would help to reduce the cost of doing business and provide confidence to all taxpayers.

"Lowering taxes isn't the only way to reduce business costs," adds Crispino. "Cutting through the mountain of unnecessary red tape, overlapping audits and overzealous enforcement which are costing businesses billions of dollars each year, will go a long way to helping businesses maintain profitability during these difficult economic times."

Similarly, the OCC believes that it's vital the government establish a timeline to move to a system of smarter taxation that removes the disincentives to invest in innovation, and removes barriers to growth, paving the way for higher productivity and job creation.

The OCC looks forward to working with the Ontario government to identify strategies that will form the basis of a three to five year economic plan which will help strengthen Ontario so that it will emerge from the current economic climate in a globally competitive position.

The OCC represents over 60,000 businesses through 160 local Chambers of Commerce and Boards of Trade, and has been Ontario's business advocate since 1911. Its advocacy and policy initiatives focus on six areas key to the economic well-being of the province: health; education; energy; finance & taxation; transportation & infrastructure; and border issues.

Contact Information

  • Ontario Chamber of Commerce
    Amy Terrill
    W: (416) 482-5222, ext. 241 or C: (416) 605-8205