Alberta Voters Choose to Remain in Canada as Business Leaders Welcome Referendum Result
Approximately 76 per cent of Albertans voted to stay in Canada in a provincial referendum on Oct. 19, prompting relief from business leaders and a slight rise in the Canadian dollar. Separatist leaders now plan to challenge Premier Danielle Smith within the United Conservative Party.
Approximately 76 per cent of Albertans voted to remain part of Canada in a provincial referendum held on Oct. 19, settling the question of separation for the province.
Business leaders quickly responded to the outcome with expressions of relief and renewed confidence. Candace Laing, president and CEO of the Canadian Chamber of Commerce, stated that businesses and communities can feel more confident following the referendum result. Adam Legge, president of the Business Council of Alberta, said the vote provides an important foundation for the province’s economy and families. Keyli Loeppky of the Canadian Federation of Independent Business noted that the result removes a major source of uncertainty for small businesses.
Shortly after polls closed on Oct. 19, the Canadian dollar increased by about a third of a U.S. cent to 71.2 cents. Derek Holt, vice president at Scotiabank, suggested the loonie's rise was likely reflective of higher global oil prices and rising expectations of Bank of Canada interest rate increases, rather than being driven solely by the referendum outcome.
Despite the decisive vote settling the separation question, political friction remains. Jeffrey Rath, a central figure in the separatist movement, plans to push for a special general meeting of the United Conservative Party to remove Premier Danielle Smith.
Earlier in the month, Prime Minister Mark Carney’s Major Projects Office designated the Pacific Coast Pipeline as a project of national interest.