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BC United statement on dual credit downgrade

VICTORIA (April 9, 2024) – BC United Shadow Minister for Finance, Peter Milobar, has responded to the dual downgrades by Moodys and S&P Global Ratings, which have lowered British Columbia’s credit rating and changed B.C.’s economic outlook to “negative.”

“Today’s dual credit downgrades are a clear sign of the NDP’s fiscal mismanagement impacting British Columbians.

“Each downgrade under the NDP brings higher taxes and tighter budgets for British Columbians. The result is higher costs for loans, as David Eby’s policies drain our wallets.

“This trend of downgrades is a wake-up call. It’s confirmation that the NDP’s approach is failing British Columbians, who now face increased financial hardship due to David Eby maxing out the provincial credit card.

“As provincial debt per person is set to skyrocket from $8,500 to $22,000, the ballooning cost of servicing that debt means less money to spend on supporting people. The cost to service debt will more than double from $2.6 billion to $5.7 billion by 2026.

“Kevin Falcon and BC United will fix this financial management to stop the government’s mistakes from costing British Columbians more. It’s time for a change to lift the burden and deliver real results for everyone struggling.”

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