Economic recovery and growth lead provincial agenda: Stefanson

Premier Heather Stefanson said the first six months of her leadership have proven challenging – with COVID-19 variants still a concern and spring weather bringing floods to Manitoba communities – but she has heard clearly the message from Manitobans that we all must work together for economic recovery.

Stefanson told a Manitoba Chamber of Commerce breakfast April 12 that her approach is to collaborate with citizens, community groups and business organizations to ensure that everyone benefits from that recovery, noting the economy of Manitoba grew 4.4% in 2021.

Revenues generated by that economic growth are vital to supporting core services, such as health care and education, she stressed.

“We have a plan to recover together,” the Premier said, running through a long list of recent announced funding programs and tax measures taken in Budget 2022, released in April.

All of that is possible because businesses have proven their resiliency and their hard work has produced a rebound, with unprecedent job growth across the province – 55,000 jobs.

Stefanson also said, in a questions and answer session with Chamber President Chuck Davidson, the she would be open to the idea of a broad review of the provincial tax system. She said she is keenly aware that Manitoba’s tax regime, including corporate, business and personal tax rates, must be competitive with that of other provinces.

Another key focus for the provincial government is to return the budget to balance. This year the deficit is forecasted to be $548 million, with a return to balance in seven years.

Stefanson also explained that the new venture capital fund established in the budget is an important piece of public policy and investment, targeted to ensure that start-ups in Manitoba stay here. Currently, many find that to access the capital required to grow, they must head to other jurisdictions.

“Venture capital has been missing for decades.”