Mr. Speaker, today's budget is supposed to restore confidence in our security and economy by setting the priorities right. The government should feel the pain of Canadians and jump-start economic recovery from the recession it created. Businesses not the government are the engine of the economy.
I want to remind the finance minister that economic growth and innovation potential of businesses are seriously undermined by the cumulative effect of complying with thousands of regulations, which costs the private sector $103 billion a year or 12% of GDP. This hidden tax of $13,700 per household is a spending second only to shelter.
The Fraser Institute, Canadian Manufacturers & Exporters, CFIB and others have underscored the need for regulatory reforms. Ontario and Alberta's red tape commissions have done an excellent job of deregulating and the B.C. government is on its way.
Many provinces have taken decisive steps. Will the finance minister take decisive action to remove this regulatory burden in Canada?