Quebec lacks nothing to become one of the “richest countries in the world,” according to Paul St-Pierre Plamondon. In its portrait of the finances of a sovereign Quebec, the Parti Québécois (PQ) concludes that Quebec independence would be achieved “essentially at zero cost” from year one.
“Quebec has nothing to envy the rest of the world,” the PQ leader wrote in the pro forma document he released at a news conference Monday morning.
Like François Legault in the PQ in 2005, he praised the potential gains for Quebec if it were to secede from Canada “from the first year in which independence is possible,” in 2027. First and foremost, the approximately 8.8 billion in funds were recovered by eliminating “overlaps” with the federal government.
“Quebec’s starting position is very, very comfortable and advantageous,” said Mr. St-Pierre Plamondon, while reiterating his desire to launch a referendum campaign in his first term. “I think people understand that we are an independence party and we are consistent in our actions,” he said.
The day after a victorious referendum for the “yes” option and by making the same decisions as today, Quebec would manage to collect almost 97 billion in federal revenue, the PQ estimates. The state of Quebec’s budget deficit would therefore amount to $5.5 billion in 2027-2028.
When François Legault presented his version of the “first year budget” in 2005, he had calculated surpluses of $1.3 billion for the 2005-2006 period and estimated Quebec’s budget balance over five years at $13.8 billion . The situation is very different today, emphasized Mr. St-Pierre Plamondon on Monday.
“There is still a limit to the model [Legault] », Supported the PQ leader in a room at the University of Laval during a press conference that at times resembled an economics lecture. “It’s a model that I don’t think reflects the extent of federal drift.”
As Le Devoir reported this weekend, a sovereign Quebec would inherit 17.6% of the national debt, or more than $200 billion. However, it would maintain a “comfortable” debt-to-GDP ratio, second among G7 countries.
“Profitable”
According to the PQ leader, Quebec’s economy would not only be “viable” but also “profitable” outside of Canada. However, the pro forma calculation method prevents a departure from the current financial model of the Coalition Avenir Québec government.
In the final chapter of his budget, the elected official identifies the additional savings that could result from eliminating five federal ministries in Quebec. These decisions, said Mr. St-Pierre Plamondon, would make it possible to raise two billion dollars more in the first year of a Quebec country.
And that’s without taking into account the ability for Quebec to “exist internationally.” “This draft budget is unable to assess the positive effects that Quebec’s independence will bring, in particular economic diplomacy focused exclusively on Quebec’s interests and the establishment of more than 200 embassies in Quebec City,” he lists Mr St-Pierre Plamondon in his first year budget.
François Legault did not want to react on Monday to the renewed version of his budget. At X, interim Liberal leader Marc Tanguay took the plunge. “The PQ is cutting corners. It underestimates costs and overestimates revenues,” he wrote.
Québec Solidaire, in turn, welcomed the exercise. “It is clear that Quebec has much to gain from independence,” said MP Sol Zanetti.
“Blue Book” in preparation
The PQ’s annual budget for the first year contains very little information about the decisions the political party would make if it came to power. By 2025, PQ members will vote on the contents of a white paper – dubbed the “Blue Paper” by the PQ leader – that outlines the boundaries of a sovereign Quebec.
Mr. St-Pierre Plamondon already showed his colors last week and said he was in favor of a Quebec currency and an army. When asked Monday about the possibility of recalibrating the approach, he agreed that he would consult “many, many experts who may give us arguments against it.” “There is no dogmatism,” he said.