The Liberal Opposition has pressed the government both in the House and at the Finance Committee where Liberal Members have led a series of special hearings on the government’s action on income trusts. Unfortunately, this is not the only example of Conservative incompetence on the economy.

The Liberal Opposition also has also pressed the Conservatives on the interest deductibility file. The ill-conceived Conservative measure, announced in Budget 2007, is hurting Canadian companies looking to expand beyond Canada.

Following a recent speech by Liberal Leader Stéphane Dion, Finance Minister Jim Flaherty began to reverse his position on interest deductibility. Realizing that he had made a huge mistake without thinking about the consequences, Mr. Flaherty announced that he would revise his decision after an expert panel reported to him. He realized that the cost to Canadian companies would be in the billions of dollars, and not the $40 million stated in his budget documents this. All this less than two months after he tabled his budget in the House of Commons.

This begs the question, why didn’t the minister consult with experts before? Why is he creating economic policy on the fly?

As in the case of the income trusts, the government took a “ready, fire, aim” approach to setting economic policy and practically eliminating interest deductibility for Canadian companies expanding outside the country. This is unacceptable! Canadians’ jobs and savings are at stake.

While we are happy the Conservatives finally agree with us that they must review their budget measures, we believe it is time for the minority government to wake up to the economic reality of the 21st century. Instead of handicapping Canadian companies in this new era of global challenges, the government must do everything possible to help these companies meet the challenges of tomorrow.

Stéphane Dion’s vision for the future recognizes these challenges. Why can’t the Conservatives? It’s time for them to put an end to the mismanagement and improvisation when it comes to the economy.

I would like to take this opportunity to offer my sincere congratulations to Mr. Jacques Chagnon, MNA for Westmount-St. Louis for his nomination as Deputy Speaker of the National Assembly. In the context of a minority government, and believe me, I know the situation very well, this position is very important.

- The Honourable Lucienne Robillard is the Liberal Member of Parliament for Westmount-Ville-Marie and the Deputy House Leader.