NDP announces plan to pay down $1.1 billion on the debt

DIEPPE – NDP Leader Dominic Cardy says his party would convert 49% of NB Liquor’s future profits into an income trust which would produce up to $1.1 billion to be applied immediately to the provincial debt.

Cardy made the announcement with candidates and supporters in Dieppe.

“The new NDP is the only party with a clear plan that starts paying down the provincial debt,” Cardy said. “Decades of reckless Liberal and Tory mismanagement of the economy and your tax dollars has left us with an over $12 billion debt.”

“Brian Gallant has said he will borrow $900 million to buy temporary jobs and close to another billion to twin Route 11,” Cardy said. “New Brunswick cannot afford to borrow this money.”

“Converting 49% of NB Liquor’s future profits into an income trust will result in $1.1 billion that we will pay directly on the debt,” Cardy said. “We will sell trust units that will provide New Brunswickers with a safe investment opportunity. NB Liquor employees and New Brunswickers will have access to these units before we sell to them to the wider market.”

“Our plan keeps money in the province that will further spur economic growth, rather than selling bonds to big foreign financial investment firms.”

The New Brunswick Investment Management Corporation will be responsible for setting up and administering the income trust model. The numbers forecasted make this model revenue neutral year-to-year for NB Liquor profits remitted to the province.

“New Brunswick deserves better than the two old parties promising to buy jobs with pavement or shale gas,” Cardy said. “The new NDP is ready for the opportunity to serve. We have a plan to balance the books and to pay down the debt.”

“We’re ready because New Brunswick deserves better.”