(April 27, 2023) — Danielle Smith today committed that a United Conservative Party government will keep the provincial budget balanced, repay Rachel Notley’s debt, and save for the future to reduce our reliance on natural resource revenue.
Alberta’s economy has momentum, with investment flooding into the province and Canadians moving to Alberta in rates not seen in years. This positive economic news is thanks to smart, strategic policies brought in by the United Conservative government over the past four years. In order to maintain this positive trajectory and growth, it is critical that an Alberta government has a plan that moves economic stability and prosperity forward.
“Albertans need stability and want to have confidence in their government,” said United Conservative Party Leader Danielle Smith. “Confidence that their taxes won’t go up. Confidence that the government won’t burden them with excessive and arbitrary regulation. And confidence that their tax dollars would be spent wisely. Albertans didn’t get this stability with Rachel Notley and the NDP. We can’t afford to go back.”
As part of its most recent budget, the United Conservative Party passed a new fiscal framework. This responsible spending plan ensures Albertans can rely on balanced budgets, debt repayment, keeping spending in line with inflation and population growth, and growing the Heritage Savings Trust Fund.
“The Fiscal Rules will keep Alberta on a steady path,” said Doug Horner, former Minister of Finance and President of the Treasury Board and four-term MLA. “The UCP did the hard work necessary to balance the budget, and I’m glad to see that they will continue to prioritize balanced budgets, paying down debt, and saving for the future – key elements that will keep Alberta’s economy strong long into the future.”
“This fiscal framework continues our commitment to pay down debt and secure the future for our children and grandchildren,” said Travis Toews, Minister of Finance and President of the Treasury Board. “All of these measures, together, provide fiscal stability, enabling low taxes, and will ensure that business investment continues to be preferential to Alberta.”
A responsible spending plan is crucial for Alberta families and job creators who are still recovering from massive debt accrued by Rachel Notley’s NDP. In a four-year span, Rachel Notley allowed her Finance Minister, Joe Ceci, to accumulate $70 billion in debt: more than all other previous Premiers combined.
Rachel Notley’s reckless spending and debt accrual meant that Albertans were paying $2.3 billion in interest payments to banks instead of toward much needed services and service improvements. In addition, Rachel Notley and her NDP raised taxes and fees 97 times, further burdening Alberta families with expenses.
United Conservatives reversed that trajectory by tabling two balanced budgets in a row and paying down over $13 billion of the Notley debt. The UCP Government also invested almost $2 billion in the Heritage Savings Trust Fund, putting Albertans onto a path of fiscal stability.
A United Conservative government will continue on this path, paying down the Notley Debt, growing the Heritage Savings Trust Fund, and leaving interest earned in the fund, as well as a large share of surpluses, to grow the Heritage Fund so Alberta can reduce our reliance on non-renewable resources over time.
“We can’t afford another Rachel Notley government with higher taxes, more red tape, and spiraling deficits and debt that drive away businesses and investment and make life more expensive for Albertans,” said Smith. “We need to keep moving Alberta forward with stable fiscal management, balanced budgets, lower debt and saving for the future with a re-elected UCP government.”