The majority Furey Government will bring down the budget today, and while it’s not expected to be the same kind of “hold-the-line” document introduced back in September, the Premier says his government will take a balanced approach and set a plan to help address the fiscal situation.
A lot of water has flowed under the bridge since last year’s budget. A COVID outbreak forced a prolonged election that eventually moved to a mail-in ballot. While questions remain about the legitimacy of the process, the Liberals emerged with the desired majority that Premier Andrew Furey needs to tackle the province’s $47-billion debt.
The Premier’s Economic Recovery Team, led by Moya Greene, released its “Big Reset” in early May, recommending a long list of measures to deal with the province’s “sobering” fiscal situation. That included recommendations like the dismantling of Nalcor, the consolidation of the province’s four regional health authorities, tax increases and spending cuts.
While many of the measures outlined in the Greene report are not expected to be implemented in this budget, Premier Furey had promised to take some immediate action even as a virtual public consultation process gets underway into the PERT report’s recommendations.
Still, the province remains in COVID’s grip with two outbreaks that are continuing to have an impact on the economy. The future of the lucrative oil and gas industry, on which the province heavily relies for revenue generation, remains uncertain, and many will be watching closely to see the degree to which the province will continue to rely on borrowing to keep the lights on.
VOCM’s Paddy Daly and Linda Swain will have all the details on today’s budget and reactions live from the lobby of the House of Assembly as soon as Minister Siobhan Coady starts speaking at 2:00 p.m.
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May 6, 2021 – The Big Reset: Economic Recovery Team Recommends Tax Increases and Spending Cuts to Right Province’s Fiscal Ship
Sep 30, 2020 – Forecasted Debt Reaches $16.4-Billion as Province Carves Out Pandemic Budget
Furey Government to Outline First Steps in Reducing Massive Deficit in Today's Budget - VOCM
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