Mr. Speaker, the formula that we have put forward for equalization within the budget has been broadly accepted by a majority of the provinces in Canada and by all of the territories. This is a formula that is based on the expert advice of the O'Brien committee that was appointed by the previous government, headed by a former deputy treasurer of the province of Alberta.
It is a principle based, forward looking formula, so that the provinces and territories will accurately know where they will stand from year to year over the next seven years. This is important in terms of being able to plan their fiscal futures.