November 15, 2018 / 6:52 PM / a month ago

Ontario forecasts widest budget deficit in seven years, cuts spending

TORONTO, Nov 15 (Reuters) - Ontario, Canada’s most populous province and economic engine, will run a budget deficit of C$14.5 billion ($11 billion) in 2018-19, a fiscal update from the province’s new Conservative government showed on Thursday.

The province of Ontario projected its widest budget deficit since 2011-12 and more than double the C$6.7 billion deficit projected by the previous Liberal government in March as it cuts spending and taxes.

$1 = 1.3170 Canadian dollars Reporting by Fergal Smith Editing by Chizu Nomiyama

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