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Section 2: Economic events
Archived Content
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Canada
The 2010 Federal budget was released with a projected deficit of $49.2 billion and plans to eliminate $17.6 billion in spending over the next five years with cuts in the public sector, foreign aid and the military.
British Columbia tabled its budget with deficits projected for the next three years. The HST will become effective July 1.
Ontario released its budget with a forecast deficit of $19.2 billion for 2010, a 2-year wage freeze for the public sector and cuts to a number of capital projects. The HST will also become effective July 1.
Saskatchewan revealed its budget with an expected surplus of $20 million, a 1.2% cut in spending, a 15% reduction in public sector employment over the next four years, and higher taxes for cigarettes and alcohol.
Manitoba announced it budget with a projected deficit of $1.4 billion over the next four years. Core government spending will be held at 2% annual increases for 5 years, a freeze to public sector wages and a halving of departmental budgets.
Quebec tabled its budget with a forecast deficit of $4.5 billion and a balanced budget by 2013, an increase in the provincial sales tax to 8.5% from 7.5% on January 1, 2011 and to 9.5% on January 1, 2012, and increases in fuel and electricity taxes.
Newfoundland and Labrador released its budget with a forecast $194 million deficit and $3.7 billion in new spending for capital works projects, health and community services and cuts to personal income taxes.
The $3.2 billion New Brunswick-Quebec power deal was cancelled.
Athabasca Oil Sands announced an initial public offering to raise $1.35 billion.
World
China made a $1 billion deal with copper-producer Quadra Mining for its assets in Chile and a stake in the company.
The US Treasury announced it will sell its 27% stake in Citigroup this year at a profit of $7.5 billion at current prices.
The UK tabled its 2010 budget with tax increases for the wealthy, new lending targets for state-owned banks and a deficit equivalent to 12.6% of GDP.
Portugal’s sovereign credit rating was downgraded to AA by Fitch.
Ford signed a $1.8 billion (US) deal to sell its Volvo brand to Chinese-owned Geely.
