Wade Locke: the story running nationally

Here's what Canadian Press is running on Wade Locke's Equalization assessment.

Note the variance from the numbers cited in the earlier post.

In the first try at crunching the numbers, Memorial University economist Wade Locke -- one of the province's leading experts on offshore revenue deals -- has found if Newfoundland were to stick with the Atlantic Accord and the old equalization formula until 2020, it would receive $18.5 billion in combined revenues.

But if the province follows an optimal strategy -- where it would leave the accord in 2009 and opt into a formula where a fiscal cap is implemented and 50 per cent of non-renewable natural resource revenues are included -- it would receive $24.1 billion, Locke said.

While the 100% exclusion might be better, if it is politically impossible, then it really doesn't exist.

On the other hand, the O'Brien approach - trashed by the Premier and others - generates significant extra cash compared to the existing arrangement for Newfoundland and Labrador.

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