Economic council to offer Flaherty business perspective, chair says

Carole Taylor, shown at a news conference in Victoria on Nov. 30, 2007, will serve as chair of the economic advisory council.(Adrian Lam/Canadian Press)The chair of the economic advisory council appointed by Finance Minister Jim Flaherty said Friday one of her group's responsibilities is to ensure that economic policies that sound good in theory would work in practice.

In an interview with CBC News, Carole Taylor said the council will be only one of a number of voices Flaherty will be listening to as he prepares a budget and possible stimulus package to invigorate Canada's ailing economy.

The former B.C. finance minister is expected to resign her seat as MLA on Monday in order to chair the advisory panel for $1 a year, CBC News has learned.

When asked why there were no bank economists or civil servants in the advisory group, Taylor replied: "He has talked, of course, to the opposition. He is talking about public consultation.

"We are just one piece of this — I hope a valuable piece, an important piece — but we are the business piece."

Sometimes government policy runs into obstacles upon implementation, she said.

Flaherty's economic council

James A. Pattison, CEO, Jim Pattison Group.

Paul Desmarais Jr., co-CEO, Power Corporation of Canada.

Geoff Beattie, deputy chairman, Thomson Reuters.

James D. Irving, president, J.D. Irving Ltd.

George Gosbee, CEO, Tristone Capital Inc.

Isabelle Hudon, president, Marketel.

Mike Lazaridis, founder and co-CEO, Research In Motion.

Jack Mintz, former CEO, C.D. Howe Institute.

Ajit Someshwar, CEO, CSI Consulting Inc.

Annette Verschuren, division president, Home Depot Canada.

Carole Taylor, former B.C. finance minister.

"So my impression is that Minister Flaherty wants to jump-start this by going immediately to those who have been successful business people for years and years and say — 'This is what I'm thinking about.'

"What do experienced business leaders think needs to happen right now? Are some of these ideas just theoretical and … won't work on the ground?"

Flaherty announced on Thursday the appointment of the 11-member group, most of whom are business executives.

He said they had each agreed to offer their insight for $1 a year plus expenses, and that he would have ongoing consultations with them over the coming months, beginning Tuesday in Toronto.

He will seek out their advice on taxation, credit availability and what sort of stimulus is needed for the economy, he said.

Prime Minister Stephen Harper said Thursday a federal economic stimulus package will likely lead to a deficit in the $20-billion to $30-billion range for the 2009-10 fiscal year.

No B.C. byelection to replace Taylor

Taylor, the former chair of the CBC, was elected as an MLA in the 2005 election and spent three years as finance minister.

She's best remembered for offering public servants $1-billion signing bonus and for introducing the carbon tax in her last budget.

There will not be a byelection to fill the vacancy in the legislature, since the general election is scheduled for May, less than five months away.

Taylor's resignation leaves the Liberals with 44 seats in the house and the NDP with 34.