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BC Liberal platform relies on natural gas to pay down debt

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The BC Liberal platform debuts a new slogan as its central theme, "Debt-free BC".  

It's relying on natural gas to pay down the provincial debt.

The platform proposes tying all liquid natural gas revenues plus 50 percent government surplus revenues, all to be pay down BC's deficit.  

To get there, the Liberals want to create a new minister of natural gas, plus a special legislative committee to "engage proponants."  It also ties in the Site-C Dam to power LNG plants, plus working with stakeholders to establish a pipeline corridor across northern BC.  

For small business, the Liberals want to cut the tax rate from two and a half percent down to one and a half by 2018. 

The platform also proposes a Metro Vancouver referendum on funding Translink where the mayors and province agree on a funding formula.

On the film front, the Liberals want to work with Ontario and Quebec to create "a rational film incentive policy".  

Other than that, the platform is a mash-up of familiar themes like the BC Jobs Plan and the goal to secure a ten year deal with BC's teachers.

The leader of the BC Conservative Party says the Liberals are missing the mark by banking on natural gas revenues to pay off BC's debt.  

John Cummins says it is foolish to rely on future LNG profits to solve all of BC's fiscal woes.

"To think that somehow or other LNG prices are going to remain at what they are over the next ten years is a mug's game. If you look at Australia, Australia has got one plant that is due to come online quite shortly. And LNG plant, they have got I think about ten in the books you know we are years away from even constructing one. And whether those prices are going to hold over that time is really questionable."

Cummins says in order to pay the province's debt government spending has to be brought under control.  

He says the NDP doubled the deficit during their time in government and on the Liberals watch, debt has doubled again.

The Liberals aren't just pledging to wipe out the province's debt, they are also looking at getting crown corporations and the Port Mann Bridge out of the red.  

Premier Christy Clark says anticipated LNG revenues could help drivers crossing the Port Mann Bridge, pay a little less.

"You know that the tolls that go to pay for the Port Mann bridge, a lot of that goes into debt servicing costs. The majority of it goes to government not to the concessionaire. Once we pay down the Port Mann bridge debt in terms of P3's we are going to be able to lower the tolls on the Port Mann bridge and that is a central part of this plan as well."

Clark says natural gas revenues will also help erase the debt at BC Ferries and BC Hydro.  

The Liberals are pledging legislated protection for the fund holding the LNG revenues to prevent government using it as a "cash cow." 

 


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