William D. Casey, M.P.

Cumberland Colchester Musquodoboit Valley
646-S Centre Block

House of Commons

Ottawa, ON  K1A 0A6

House of Commons

Chambre des communes

Canada

 Press Release

Ottawa Tel: (613) 992-3366

Ottawa Fax: (613) 992-7220

Amherst Tel: (902) 667-8679

Truro Tel: (902) 893-2455

                     Atlantic Accord file update             

November 6, 2007  

Ottawa –  Although information on the new agreement to replace the Atlantic Accord is still limited, MP Bill Casey has learned through a federal department of finance official that a condition of the October 10^th agreement is that Nova Scotia must permanently sign on to the new equalization formula. The new equalization formula does not include the Atlantic Accord. 

This condition is not clear in the exchange of letters. The October 10th exchange of letters also commits to provide an assurance to Nova Scotia of a certain levels of benefits.

The department of finance has also confirmed that legislation will be required to amend the 2005 equalization formula in order to provide the insurance that the letters outline.

Department officials would not confirm the projections prepared by the Province of Nova Scotia due to the variables that could effect the outcomes.

A full briefing for MPs and Senators is scheduled for Tuesday November, 13 at 9AM. 

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