Vancouver, B.C.: The Canadian Taxpayers Federation is condemning a lack of fiscal responsibility in Victoria for causing a downgrade in the provincial credit rating.  

“When Premier Eby took over, our province was sitting on a $5.7 billion surplus,” said Carson Binda, British Columbia Director for the Canadian Taxpayers Federation. “Eby turned that surplus into a massive $4.2 billion deficit which can only be described as financial mismanagement.”

Bond rating agency S&P Global downgraded British Columbia’s credit rating from AA+ to AA with a negative outlook.  

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 $3.3 billion this year. 

The provincial government plans to raise the provincial debt to $132.6 billion by 2026 due to continual deficit spending. 

“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. “Politicians in Victoria need to put down the taxpayer credit card, pick up a pair of scissors and stop spending money that we don’t have.”  

-30-