Mississauga - 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 Mississauga Board of Trade President & CEO Sheldon Leiba. "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 and Mississauga Board of Trade look 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.
As the voice of business since 1976, Mississauga Board of Trade is a private-sector, not-for-profit business organization representing approximately 1,500 businesses, employing 65,000 people in Mississauga. MBOT is well positioned to meet the needs of business by using its considerable influence at all levels of government. As the forum for business, MBOT works together to influence public policy and promote a better understanding of the marketplace among policy makers, media and the general public.