Thursday, July 31st17.2°C
22568
21755

Quebec economists advocate selling power utility, public sector wage freeze

QUEBEC - Quebec's new Liberal government should consider selling off portions of Hydro-Quebec and the liquor board as part of reforms to help balance the budget, says a report released Friday.

In analysis commissioned by the government even before it officially took power this week, economists Luc Godbout and Claude Montmarquette painted a grim portrait of Quebec's financial situation.

The report argues drastic measures are required to prevent the province from being downgraded by credit agencies.

The partial privatization of Hydro-Quebec and the liquor board, known as the SAQ, are only two of several major changes advocated by the experts to help get Quebec off the fiscal cliff.

Godbout and Montmarquette also suggest a wage freeze for public employees, increased service fees and a hike in the cost of Quebec's $7-a-day daycare.

Premier Philippe Couillard said Thursday he's still aiming to meet the previous Parti Quebecois government's objective of a $1.75-billion deficit in 2014-15 and a balanced budget the following year.

But he also said the province's deficit for the most recent fiscal year was $600 million more than projected.

He said the 2013-14 deficit clocked in at more than $3.1 billion instead of the $2.5 billion mentioned by the PQ before the election.

Couillard has already given notice his government will take steps to cut spending.

The government will try to cut administrative costs and impose a hiring freeze in the public sector, he said.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15524.82+78.271
S&P CDNX1011.10-5.40
DJIA16880.36-31.75
Nasdaq4462.902+20.204
S&P 5001970.07+0.12
CDN Dollar0.9165-0.0006
Gold1310.00+6.70
Oil99.53-0.74
Lumber328.70+6.40
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.1850.00
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.02
Cantex0.085+0.02
Anavex Life Sciences0.26-0.0075
Metalex Ventures0.08-0.005
Russel Metals35.22-0.07
Copper Mountain Mining2.83-0.03
Colorado Resources0.22-0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.03-0.005
Mission Ready Services0.15-0.005

 



22439

FEATURED Property
19235501853 Edgehill Avenue
2 bedrooms 2 baths
$299,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22097