bc budget deficit

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Estimating the recessionary impact on B.C. finances—Part 1

CIBC predicts the province's unemployment rate will rise to 9.7 per cent.

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With economic uncertainty as the backdrop, it was critical for the BC government to put forth a prudent budget. Finance minister Kevin Falcon acknowledged as much by reassuring British Columbians that the budget was “built on fiscal discipline” and lays a “firm foundation for the future.” Falcon even warned of the perils of additional government taxes, spending, and borrowing in the current economic environment, calling such measures “potentially catastrophic.”