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British Columbia Budget Dismays Businesses While Investors Shrug

  • Left-leaning New Democratic Party releases first full budget
  • Credit still strong despite big spending, borrowing plans

The first full budget of British Columbia’s new left-leaning government, which hikes taxes to support a spending spree, prompted dismay from business lobbies while investors were more sanguine.

Premier John Horgan’s New Democratic Party government, which won a dramatic election last year on vows to make life more affordable for residents in the Canadian Pacific province, announced on Tuesday more than C$18 billion ($14 billion) of planned investments in childcare, housing and infrastructure over the next three years. To help fund that, new borrowings in this fiscal year starting April are set to jump fourfold to C$7.7 billion.