FES 2023 Leaves Small Businesses Behind, Ontario Chamber
(Toronto - November 21, 2023) - In response to the federal government’s Fall Economic Statement, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), released the following statement:
“In this period of economic uncertainty, it is more important than ever that the federal government is being strategic in its investments to support business predictability. The decision to not extend CEBA loans significantly undermines the recovery of many small businesses that are struggling. This lack of support could leave a substantial portion of our business community behind, hampering our economic recovery.
“Many industries are currently battling unpredictable government policies and the burden of red tape, hindering their ability to invest and plan confidently now and in the future. A prime example of this is the recent overturning of the federal plastics ban, a decision that came after many businesses had already invested heavily in compliance. Such reversals create a climate of uncertainty that is detrimental to business confidence. Part of that predictability also includes getting our fiscal house in order and generating economic efficiencies. The Fall Economic Statement includes $20.8 billion more in spending than originally projected over 6 years at a time when interest rates are at a two-decade high, pushing debt service costs up to over $60 billion a year by 2028-29.
“Despite these challenges, the OCC welcomes the government’s initiatives related to mental health, housing, and clean technology. We acknowledge and appreciate the steps taken towards these critical areas and look forward to ongoing collaboration to ensure a more supportive business environment.”