Party Phone Number

(709) 753-6043

    |    

Party Email Address

Front Page Slider Quote

"I want to make this province a better place to live with a brighter future."

Front Page Quote Sig

Wednesday, April 3, 2019

Office of the Official Opposition 

 

For Immediate Release

 

Atlantic Accord Gets Worse the Closer We Look: Crosbie

 

St. John’s, NL (April 3, 2019) – PC Opposition Leader Ches Crosbie said, “The more we get an opportunity to look at the Atlantic Accord deal Dwight Ball just signed, the worse it gets.  Ball sold us out!”

 

The Ball sellout spreads $2.5 billion over 38 years – averaging just $66 million a year – “chicken feed,” in the words of former Premier Brian Peckford.

 

In fact, in that amount, they’re double-counting tax revenue we would have received anyway.

 

The Ball sellout locks the province in to a set amount for a fixed term, just as the Upper Churchill contract did, meaning Ottawa won’t have to share the benefits if oil prices rise.

 

Through accounting “sleight of hand” (in Peckford’s words), the Liberals will report a surplus this year using money borrowed from our grandchildren that they will have to pay back starting in 2045 at $100 million a year.

 

These Accord talks were supposed to address inequities in Equalization, but Equalization wasn’t even mentioned.  We could be getting more than $500 million a year under Equalization reforms proposed by the Parliamentary Budget Officer.  Instead, we’re getting zero in Equalization while Quebec is getting $13 billion.  In fact, at this rate, Quebec will get $500 BILLION under Equalization over the next 38 years while we get $2.5 billion under the Ball Accord sellout – an Upper Churchill-size imbalance.

 

These Accord talks were also supposed to report whether our province is the principal beneficiary of oil revenues, jobs and other benefits as the Accord promised, but Ball refuses to release the analysis or answer questions about it.  The Premier canceled Question Periods for the remainder of the week, leaving the Opposition unable to hold the Premier to account in the people’s House.

 

The Ball sellout also caves in to Trudeau’s Bill C-69, which is poised to slow down or halt future development of our offshore, threatening billions in activity and thousands of jobs.

 

“This is a smoke and mirrors exercise that gets uglier the more the smoke clears.  Just like the sellout of Equalization, the sellout of the Fisheries Fund, the sellout of surf clams, the sellout of ocean technology and the sellout of powers to regulate our offshore, this latest Ball deal is just what we feared – a colossal sellout for quick cash for a desperate government in an election year.”

 

“They got it wrong!”

 

Contacts:

Bradley Russell, Director of Policy and Research

(p) 1.709.729.3668, (c) 1.709.685.3161

BradleyRussell@gov.nl.ca

-30-

 

Backgrounder

 

The 2005 Atlantic Accord agreement negotiated by Premier Danny Williams included the following clause:

 

8. No later than March 31, 2019, the parties agree to review the current arrangement.

 

The review will address

 

a) the extent to which the Atlantic Accord objectives have been achieved, including the key objectives of the Atlantic Accord that Newfoundland and Labrador be the principal beneficiary of its offshore;

 

b) whether Newfoundland and Labrador has realized lasting fiscal and economic gains from its offshore petroleum resources revenues;

 

c) the Equalization arrangements then in effect;

 

d) the fiscal disparities that then exist between Newfoundland and Labrador and other provinces;

 

e) Newfoundland and Labrador’s undeveloped offshore petroleum discoveries;

 

and will have regard to the 1987 Canada-Newfoundland Atlantic Accord Implementation Act, any legislation that implements the terms of this arrangement, and any other relevant considerations.

 

Source: https://www.gov.nl.ca/atlanticaccord/agreement.htm

© 2019 - PC Party Newfoundland and Labrador