Taxpayers call for spending cuts after B.C. credit rating downgrade

Author: Carson Binda 2024/04/09

Vancouver, B.C.: The Canadian Taxpayers Federation is calling on the Eby government to rein in spending, as a lack of fiscal responsibility in Victoria caused S&P to downgrade the province’s credit rating from AA to AA-.  


“This government’s abysmal fiscal management has led to another round of credit rating downgrades,” said Carson Binda, British Columbia Director for the Canadian Taxpayers Federation. “Massive deficits and a steep increase in provincial debt is threatening the sustainability of our province. Premier David Eby needs to start making responsible financial choices for British Columbians.”


This is British Columbia’s second credit rating downgrade since Eby became premier. Last year, S&P downgraded B.C.’s credit rating from AA+ to AA. 


Every downgrade of the provincial credit rating means that the province needs to pay more to borrow money. Interest charges on the provincial debt are expected to cost taxpayers $14.6 billion over the next three years. 


The provincial government plans to increase the provincial debt to $123.3 billion by the end of this year due to significant deficit spending. This year’s budget saw the biggest deficit in B.C. history at $7.9 billion. In 2017, when the NDP assumed government, provincial debt sat at $69.8 billion


“A drop in our credit rating means that taxpayers will be on the hook for even more money every time that Eby borrows,” said Binda. “Eby and Finance Minister Katrine Conroy need to start being responsible with taxpayers’ money.”  




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