Mr. Speaker, the finance department's announcement of a 10ยข cut in employment insurance premiums would have been better news if it would have offset the hike to the CPP premiums for 2003. They are going up substantially in 2003.
The net result of today's announcement is that the tax burden on Canadian workers and employers will rise by almost $100 million next year. That is the wrong direction.
Given that the EI account has an almost $40 billion surplus, why will the Minister of Finance not reduce EI premiums further so that Canadian workers and employers will not face a tax hike just after Christmas this year?