High level of concern over N.L. provincial debt: CRA poll

A poll by Consumer Research Associates shows most people in Newfoundland and Labrador are very concerned about the provincial debt.

The poll shows on average people rate their concern as 8.4 on a scale of one to 10.

Almost half of the people surveyed said their concern is 10 out of 10, or extremely concerned. Only three per cent of people said they were not very concerned.

The net provincial debt currently sits at $14.6 billion. That works out to almost $28,000 for each person in the province.

In 2009 the debt had shrunk to $7.9 billion, but with recent record deficits and cash required to build the Muskrat Falls hydro electric project, the debt has grown substantially.

In March Finance Minster Cathy Bennett said the province would need to borrow more than $2 billion for the fiscal year just ending.

In the last year bond rating agencies have cut the province's credit rating because of concerns with growing debt.

"It is clear that the residents in Newfoundland and Labrador have a high level of concern regarding the current debt level in the province," Don Mills, CEO of CRA said in a news release Thursday.

"It is also clear that the debt level will continue to increase in the near-term with ongoing budget deficits."

The poll was conducted February 2 to 28, with 402 adults surveyed by telephone, and is considered accurate within 4.9 percentage points 19 times out of 20.