Alberta CEOs join ‘stay’ camp as Calgary Chamber warns of separatism economic fallout

Alberta business leaders have lent their support to an open letter from the Calgary Chamber of Commerce, warning of the severe economic ramifications of the province separating from Canada. In a detailed analysis, the letter highlights the potential trade, labor, and fiscal implications that could arise from such an event. The letter and its accompanying report were published on Tuesday, emphasizing the importance of maintaining relationships, opportunities, and stability, which are key to Alberta's prosperity.

Among the 13 signatories to the letter are CEOs from major companies like AltaGas, ATCO, and Keyera, as well as Tourism Calgary and Calgary Economic Development. The letter mentions that a study by University of Calgary economist Trevor Tombe predicts that trade costs could increase by 5 to 8 percent, leading to job losses of up to 175,000 and an annual economic loss of up to $62 billion.

Additionally, the report suggests that Alberta would face a $9 billion fiscal deficit if it were to secede, which could be closed through substantial tax increases or cuts to existing benefits. The Calgary Chamber's president and CEO, Deborah Yedlin, emphasized that a separation would mean the loss of Alberta's advantages, such as its tax structure and social services, which would have a negative impact on the economy.

Yedlin also noted that the current global focus on stable energy supplies, particularly in light of ongoing conflicts in the Middle East and Russia, presents a unique opportunity for Alberta. She encouraged a forward-looking perspective, urging business leaders to remain optimistic and committed to the future of the province and its energy sector.