CUPE National President Paul Moist is calling on provincial finance ministers to withstand pressure from Federal Minister Flaherty in adopting his agenda of cutting corporate taxes, harmonizing the GST, deregulation and privatization of public services.
“Canada does not need more corporate tax cuts and deregulation to strengthen our economy and improve living standards. We need increased direct investments in infrastructure and public services to strengthen our economy and to increase economic security for ordinary Canadians,” said Moist.
Provincial finance ministers also need to resist pressure from Minister Flaherty to join in a regime that would restrict the ability of democratically elected governments from protecting the public interest in virtually any area that might affect corporate profits. “A proposed pan-Canadian agreement such as TILMA will provide no significant proven economic benefits,” added Moist.
“We are also very concerned about the lack of regulation and enforcement in the financial industry. Canada’s weak regulation of securities and the financial industry is an international embarrassment,” said Moist. Canadians who have their savings in pension plans need stronger regulation and enforcement rather than depending on American regulators and courts to do this.
Finance Minister Flaherty has failed to make a case that a national securities regulator would improve this situation. “On the contrary, federal securities regulation and RCMP efforts have been weaker than provincial regimes. Minister Flaherty needs to demonstrate that a national securities regulator would really protect the interests, savings and pensions of hardworking Canadians,” concluded Moist.
- 30 -
Paul Moist, CUPE national president – 613-558-2873 (cell)
Toby Sanger, CUPE chief economist – 613-720-6955 (cell)