Ontario ‘open for business,’ Doug Ford tells big bank economists

Thestar.com
August 30, 2018
Kristin Rushowy

Premier Doug Ford met with the top economists from Canada’s big banks Thursday, telling them that his government wants to “turn this province around.”

Ford said he wants to hear from the big banks and others to usher in “a new era of prosperity and economic growth the likes of which this province has never seen before.

Premier Doug Ford met with the chief economists of Canada’s biggest banks at Queen's Park on Thursday.

“We want to listen, we want to learn and we want to work in conjunction with each and every one of you and other industry leaders,” the premier said during a photo opportunity at Queen’s Park before the roundtable discussion with the representatives of the country’s five biggest banks.

Finance Minister Vic Fedeli, Treasury Board President Peter Bethlenfalvy, Economic Development Minister Jim Wilson and Infrastructure Minister Monte McNaughton were also in attendance.

The chief economists representing the banks were BMO’s Doug Porter, Scotiabank’s Jean-Francois Perrault, RBC’s Craig Wright and CIBC’s Avery Shenfield, as well as TD deputy chief economist Derek Burleton.

Fedeli said the Progressive Conservative party made “five core commitments to Ontarians and we will continue to deliver on those promises: put more money into people’s pockets, clean up the mess at Hydro, create and protect jobs, restore accountability and trust in government and cut hospital wait times.

“That’s why we are listening to you, the experts,” Fedeli said. “We have a tremendous task ahead of us. Our government is committed to creating and protecting jobs by sending the message to business investors everywhere ... (that) Ontario is open for business.

“We want to bring good-paying, good-quality jobs back to the province by lowering taxes, stabilizing hydro bills and cutting job-killing red tape.”

For the past three years, Ontario’s economy has outperformed those of the G7 countries.

Ontario’s jobless rate was 5.4 per cent in July, the lowest in almost two decades.

 

NDP Finance and Treasury Board critic Sandy Shaw said Ford and his government, elected in June, have already caused chaos and “a chilling effect when it comes to investment in this province.

“Ontario workers, families, and employers need a premier that will create a stable, affordable environment for them to build and grow.”

She criticized the government for cancelling signed contracts “while cutting the social investments --like world-class education and health care --that make Ontario such a great place to grow a business.”

Following the meeting, Ford issued a statement saying his priority is to “help the private sector grow and succeed,” and that the group discussed the importance of protecting jobs as the North American Free Trade Agreement is being renegotiated.