PREMIER HIGHLIGHTS DEBT REDUCTION--LAYS OUT NEXT STEPS FOR A COMPETITIVE ECONOMY

Released on October 24, 2008

In a speech today to the Regina Chamber of Commerce, Premier Brad Wall focused on the next steps to be taken to assure the continued competitiveness of the Saskatchewan economy, while reiterating the government's commitment to reducing debt.

"When we took office less than one year ago, the debt stood at nearly $7 billion," Wall said. "By the end of the year, our government will have reduced that debt burden by $2.6 billion, or nearly 40 per cent."

Wall noted that the U.S. National Debt Clock in New York recently ran out of digits, as the U.S. debt hit $10 trillion.

"We don't have a debt clock like that in Saskatchewan, but if we did, you would see the debt going down by $7 million a day, $300,000 an hour, or $5,000 a minute," Wall told the sell-out crowd. "This reduction in debt will save Saskatchewan about $900 million in interest payments over the next five years - which will pay for most of the historic income tax reduction I announced earlier this week."

Wall said his government's goal is to wipe out those interest payments entirely by eliminating the provincial debt.

"I'd like Saskatchewan to have a debt clock with exactly one digit - zero," Wall said.

Wall also announced that he has asked Enterprise Saskatchewan Minister Lyle Stewart to request Enterprise Saskatchewan's input on the next steps that should be considered in terms of tax competitiveness for Saskatchewan.

"I want Enterprise Saskatchewan to advise us on the best way to ensure the competitiveness of our economy in terms of future affordable and sustainable tax reduction priorities," Wall said. "The sales tax, corporate and small business taxes, and the income tax rates themselves all have a direct impact on the economy."

Further, Wall has also asked Enterprise Saskatchewan to explore strategies for moving away from the province's dependency on the U.S. market for exports, and develop new markets elsewhere.

"That can be our insurance policy against further deterioration in the American marketplace," Wall said. "This ties in to our other very important ‘next step' for the province - the creation of Innovation Saskatchewan - an agency that will be pivotal to the continued creation of a knowledge economy by focussing and supporting research activities that will generate interest from around the world.

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For more information, contact:

Kathy Young
Executive Council
Regina
Phone: 306-787-0425
Email: kathy.young@gov.sk.ca
Cell: 306-526-8927