FOR IMMEDIATE RELEASE
Abbotsford, BC – March 5th, 2025 – The Abbotsford Chamber of Commerce released the following statement in response to the release of Budget 2025 by the Government of British Columbia.
“Today’s provincial budget arrived in the shadows of unjustified and illegal tariffs on Canadian businesses by the United States. While we can’t control the decisions of the American Government, this time must be a wake up call for the Province to prioritize economic growth and catalyze major change towards finally removing the barriers that have been holding our businesses back through decades of accumulated red tape,” said Alex Mitchell, CEO of the Abbotsford Chamber of Commerce. “As one of the most tariff-exposed Canadian cities, the needs of Abbotsford businesses and our over 300 exporters need to be at the forefront, as the economic fallout will reverberate across the rest of the Province.”
“Decades of past deficits have reduced B.C.’s fiscal firepower, putting us in a challenging position to now respond to tariffs, and this new budget only adds to that challenge with overall debt ballooning to $75 billion by 2028,” stated Mitchell. “While it’s encouraging to see language related to supporting growth, and speeding up permitting, we need to see that actualized quickly for the benefit of all of our businesses.”
The Budget features continued reliance on significant deficits, approximately $10 billion in each of the next three years. Further, the budget does not take into account the expected impacts of US tariffs, which could result in $1.4 to $3.7 billion of loss in revenue annually to the province.
The debt-to-GDP ratio will rise from 22.9% today to 34.4% by the end of the fiscal plan. This will increase the Province’s “interest-bite” by 60.5%, from 4.3 to 6.9 cents per dollar of revenue.
“There has never been a better time to be a part of the Chamber network as we work to ensure the voice of each of our members is heard locally, nationally, and internationally. We will weather this economic storm by working together and building deeper business to business connections,” said Kevin Mierau, President of the Abbotsford Chamber of Commerce.
What can businesses do?
- Join the Abbotsford Chamber of Commerce
- Complete the Abbotsford Chamber Impact Survey
- Share your Story with us at hello@abbotsfordchamber.com
- View our Tariff Resources Page
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About the Abbotsford Chamber of Commerce:
The Abbotsford Chamber of Commerce represents the needs of Abbotsford’s businesses and empowers economic development across the Fraser Valley region. For over 110 years, the Abbotsford Chamber has been the voice of business, working on behalf of nearly 800 members, investing in the next generation of entrepreneurs and young professionals, breaking down barriers to business development and trade, advocating for investments and policies to help businesses succeed, and building community and connections.
The Abbotsford Chamber is nationally accredited to meet standards of business excellence and provide benefits to its member organizations.
Media Contact:
Alex Mitchell
CEO, Abbotsford Chamber of Commerce
604-446-5061
CEO@abbotsfordchamber.com