Mr. Speaker, we committed to respect the offshore accords. We did so in budget 2007. Budget 2007 proposes that Nova Scotia be allowed to stay on the status quo formula for the life of the accords.
The status quo formula is what existed in legislation when the 2000 accords were signed. The member knows this. That status quo formula continues to exist in legislation and will be an integral part of the new approach to equalization. There is no cap in the status quo.
This means an additional $95 million for Nova Scotia, for total benefits of $1.5 billion in 2007-08. Nova Scotia's growing prosperity is something to celebrate. When Nova Scotia succeeds, all of Canada benefits.