Carole James: Budget 2020 brings capital spending over three years to $22.9 billion
Credit to Author: Hardip Johal| Date: Wed, 19 Feb 2020 02:00:53 +0000
Across British Columbia, things are changing for the better.
More families can breathe a sigh of relief because they have finally found good, affordable child care. Students are learning in newer, safer schools. More people who struggled to find housing in the face of skyrocketing rents and low vacancy rates have hope for the future and are moving into new homes. And the elimination of MSP premiums has put more money back in the pockets of British Columbians.
Together, we’ve made a lot of progress and we can’t turn back. Budget 2020 keeps our province moving forward.
Budget 2020 brings capital spending over three years to $22.9 billion — the highest level in B.C.’s history. And work underway on new and upgraded hospitals and health facilities, highway and transit projects, schools and new housing throughout the province is stimulating more than 100,000 direct and indirect jobs during construction.
Over the next decade, more than 860,000 jobs will open up throughout B.C., and more than 75 per cent of all jobs will require post-secondary education or training.
To make sure everyone can access these opportunities, we are creating a new, needs-based B.C. Access Grant for students. This grant will provide up to $4,000 to help with the upfront costs of tuition for more than 40,000 students.
Our government is working hard to create new opportunities that build a sustainable, resilient economy. We continue to support struggling forestry workers through access to job placement, skills training, equipment loans, grants for hard-hit communities, and programs to support early retirement.
Budget 2020 provides support for new forestry revitalization efforts, including revving up B.C.’s bio-economy with innovations that convert wood into value-added products like biofuels, bioplastics, and textiles.
A stronger B.C. means ensuring there are opportunities for everyone. Budget 2020 continues our work toward reconciliation with Indigenous peoples through a historic revenue-sharing agreement for an estimated $3 billion over the next 25 years.
A clean environment is the foundation of a prosperous and sustainable economy. We are accelerating the transition to a cleaner future with an additional $419 million over three years for CleanBC, on top of the approximately $900 million invested in Budget 2019. This funding includes incentives to buy electric vehicles and build EV charging stations.
B.C. is one of Canada’s fastest-growing economies, but while the economy has grown, life has become too expensive for many families.
The new B.C. Child Opportunity Benefit, launching in October, will provide 290,000 families with more money to support their kids. Additionally, Budget 2020 continues to invest in the Childcare B.C. plan with thousands of new licensed child care spaces opening, and some families saving up to $19,200 annually.
These savings come on the heels of a major transformation of ICBC that will reduce fees by an average of 20 per cent, or $400 a year for all drivers, while improving care benefits. It also marks the first full year of the elimination of MSP premiums — the biggest middle-class tax cut in a generation.
Budget 2020 strengthens the health, education and community services that all British Columbians depend on. The budget delivers an additional $339 million to strengthen B.C.’s K-12 education system — this brings annual funding in the fiscal plan to approximately $1 billion more compared to 2016/17. This will improve B.C.’s school system and support more than 4,200 new teachers.
An additional $1 billion in Budget 2020 will improve health care in B.C. New or upgraded hospitals are already on the way for 13 communities, and 12 new urgent and primary care centres are open, with two more coming.
Budget 2020 is a balanced plan focused on making life better for people and ensuring everyone has an opportunity to share in the benefits of a resilient, sustainable economy.
Together, we are building a stronger B.C., for everyone.
Carole James is B.C.’s minister of finance.