The PCs have committed to lowering the small business tax rate to one per cent if they take office in a couple of weeks.

Leader Tony Wakeham made the announcement this morning in Corner Brook.

He argues that the reduction would result in a 60 per cent reduction in the current tax burden for small businesses.

When asked how they plan to pay for that, Wakeham says it is a part of their overall strategy on how to reshape the province.

He says the measures in their platform put money back in people’s pockets. Wakeham argues that money gets spent at local businesses, which ultimately strengthens the provincial economy.

Wakeham has also committed to adopting a regional economic development and “pro-business” approach, noting they will undertake an “aggressive red tape reduction process.”

He says they will look at all the rules and regulations, and if they are not “clearly justified,” then they will be removed.