ST. JOHN'S, N.L. — The St. John’s Board of Trade wants to lend its hands to the wheel as the Newfoundland and Labrador attempts to alter its fiscal course and suggests it could be part of a collaborative crew in doing so.
In an open letter to provincial finance minister Tom Osborne, the Board calls on government to “leverage the expertise and insight that exists throughout our province to inform our path forward.”
The letter, titled “Read Solutions Require Collaboration: and signed by SJBT chairman Andrew Wadden and CEO AnnMarie Boudreau, comes days after Osborne delivered a fiscal update suggesting the province could be facing a $2 billion deficit, mostly due to the provincial economic shutdown/slowdown during the COVID-19 pandemic and the additional whammy of low world fuel prices, leading to a loss of more than half a billion dollars in projected royalties.
"Let’s all be part of the solution. Let’s come together to have in-depth discussions. Call it a task force. Call it a think-tank. Call it whatever you want. The goal is more important than the label.” — St. John's Board of Trade
After thanking Osborn for “sharing our fiscal reality,” the Board’s letter goes on to say “we are confident there are rational and effective solutions for tackling our financial situation,” but later warns “the time for real decision-making and action is now.”
Later, the letter delivers what it says is its fundamental point: Government should not tackle this alone.
“We can help. Labour organizations can help. Opposition parties can help. The Federal Government can help. Economists can help," reads the letter. "Let’s all be part of the solution. Let’s come together to have in-depth discussions.
"Call it a task force. Call it a think-tank. Call it whatever you want. The goal is more important than the label.”
The full text of the letter is here.