Alberta Business Leaders Warn of Economic Consequences of Separation
Business leaders in Alberta have signed an open letter from the Calgary Chamber of Commerce warning of dire economic consequences if the province were to separate from Canada.
The chamber's president and CEO, Deborah Yedlin, said that while some business leaders may be sympathetic to the separatist cause, they should prioritize relationships, opportunities, and stability that have helped make Alberta and Canada prosperous.
A study by University of Calgary economist Trevor Tombe estimates trade costs would rise by 5-8% if Alberta were to separate, leading to job reductions of up to 175,000 and a $62-billion annual hit to the economy.
The report also found that Alberta would face a $9-billion fiscal shortfall, which could be bridged with a 13% sales tax, a 10% corporate income tax hike, or a 40% cut in government transfers.