Selling Off Hydro One bad for Ontario business, says NDP critic

Selling Off Hydro One bad for Ontario business, says NDP critic

Taras Natyshak, expressed concern over the impact the sell-off of Hydro One continues to have on business confidence in Ontario—particularly in the manufacturing sector.

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MPP Taras Natyshak stated his concern of selling off Hyro One as it will impact Ontario businesses negatively. Today’s commentary from the independent Financial Accountability Office shows that total business investment in the province is expected to decline in 2016.

The Ontario NDP’s Economic Development and Employment critic, Taras Natyshak, expressed concern over the impact the sell-off of Hydro One continues to have on business confidence in Ontario—particularly in the manufacturing sector.

“High hydro rates have a major impact on businesses’ ability to invest and grow. Yet, despite the fact that manufacturing investment is expected to significantly decline in 2016, the Wynne government stubbornly continues to sell-off Hydro One,” said Natyshak. “We know that the sale of Hydro One will make hydro rates skyrocket. High hydro rates mean less investment, making it even harder for people to find good, stable jobs that they can raise a family on. This is already an all too familiar story for families across this province, and the premier’s sell off is only going to make things worse.”

The FAO shows that manufacturing investment will drop by 8 per cent in 2016 with auto sector investment declining by one-third this year. This aligns with the findings of the Ontario Chamber of Commerce: because of the rising cost of electricity, nearly 40 per cent of Ontario businesses will delay or cancel investment in the province. Five per cent of Ontario businesses expect to close their doors in the next five years.

“The people of this province have spoken: 85% of Ontarians oppose the sell-off of Hydro One. And, I’m sure that the Liberals are well aware that business confidence in the Ontario economy is already at a five-year low, so why do they insist on continuing to sell off Hydro One? It’s just one bad decision after another from this government. It’s time to immediately stop the sell-off of Hydro One,” said Natyshak.

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