BC NDP election costings would see deficit fall to $12B in two years

The NDP has released costings for its British Columbia election campaign promises that would see the province’s record deficit fall by about $2 billion over two years.

The costings released hours ahead of the campaign’s only leaders’ debate show a deficit of about $12 billion by 2028/29, down from a forecast of $14 billion this fiscal year.

A statement from the party says new commitments made during campaigning for the Oct. 24 election would be paid for by asking “the top 3.88 per cent of income earners to contribute a bit more,” and by continuing economic growth.

The costings show a “platform surplus” of $581 million by 2028/29, which would combine with previous forecasts to reduce the deficit by a little over $2 billion.

The BC Greens released their costings on Tuesday, while the B.C. Conservatives have yet to release their figures.

NDP Leader David Eby says in the party’s statement that interim Conservative leader Lorne Doerkson’s plans would “blow a multi-billion-dollar hole in the budget,” citing tax cuts promised by the Official Opposition.

Eby has overseen the ballooning of the deficit since inheriting a budget surplus when he took over from former premier John Horgan in 2022.

“Our plan is fully costed and focused on what matters most to working families in uncertain times,” Eby said, adding that British Columbians would be protected from rising costs at the gas pump and grocery till.

The costings include $1 billion in new revenue from income tax increases on the “top 3.88 per cent” as well as $730 million from “targeted economic growth.”

The Greens’ platform promises new initiatives in health care, education and other social services worth almost $9.3 billion per year over the next two fiscal years, with new revenue coming from a one-time tax on “excessive wealth.”

The party says the new levy would raise $22.2 billion in its first year and total additional revenue would top out at $25.3 billion in 2027-28

The Greens say their fiscal plan would raise additional revenue from 2028-29 through higher taxes on the wealthiest British Columbians, and nobody “who works for an income” would pay a single dollar more in tax than they currently do.

Doerkson has promised legislation to prevent overlapping provincial and municipal campaigns if elected.

Doerkson said in a message posted on social media that his party would pass legislation to prohibit a provincial election within 60 days of municipal election dates.