Mr. James Rajotte
For the member opposite, let me give her some facts. Since 1996 TPC has made 591 grants for a total value of $2.4 billion. How much of that money has been repaid to date? According to figures we obtained on February 3, 2004, $47 million out of the $2.4 billion has been repaid. What is that? That is 1.9%. In eight years the cumulative repayment rate is 1.9%. It is absolutely shameless that the government would continue to dole out money to corporations of its choosing and only gets back less than 2% of taxpayers' money.
Our view is that we need a new industrial policy. The Conservative Party favours an industrial policy that lowers taxes, increases spending on research and development and finally ends this terrible policy of corporate welfare.
Subtopic: The Budget