‎Premier Kathleen Wynne says the minority Liberal government will spend $29 billion in new money over the next 10 years on transit and transportation — $15 billion for the Greater Toronto and Hamilton Area and $14 billion for the rest of the province.

Speaking to a noon-hour Toronto crowd of about 500, ‎Wynne said it will dedicate 7.5 cents per litre of the gas tax and the HST on fuel tax — totalling more than $1.3 billion annually — to build new transit, roads, highways and bridges.

“We need an aggressive and serious investment in transit right here in the GTHA (Greater Toronto and Hamilton Area),” she said, adding the money now goes into general government coffers.

Wynne said the plan also includes new so-called dedicated revenue tools, redirecting existing revenue and debt financing.

The premier was short of specifics, saying details will be revealed in the spring budget, including how much will go to transit or whether there will be tax increases. She has, however already ruled out raising the gas tax, HST or raising income tax on middle-income earners

However, she did say there will be high occupancy lane tolls, as laid out in last year’s budget and that the Green Bond program will be directed to the plan.

“We are going to make sure that we do not miss this opportunity to do the right thing,” Wynne said, emphasizing that her announcement does not mean the province is backing away from the multi-year, $50- billion Big Move project to improve transit across the GTHA.

Metrolinx board chair Robert Prichard said Wynne’s announcement represents an endorsement for The Big Move.

“We couldn’t be more pleased than to have an announcement that represents $15 billion of additional commitment to The Big Move on top of the very large investment already given,” he said.

Prichard said the challenge is to maintain the momentum of the transit building already going on in the region, including the new airport train link from Union Station, the Eglinton-Scarborough Crosstown LRT, the Spadina subway extension and 30-minute, two-way GO service on the Lakeshore East and West lines.

Wynne told the crowd the opposition turns thumbs down on its transit and transportation plan, “then I am happy to take our plan to the people.”

“People understand that as they’re paying gas tax that it would be good for that gas tax to go into transportation infrastructure,” she said, adding that two cents per litre of the gas tax — or $320 million annually — shared by municipalities for public transit will continue.

Reaction from TTC chair Maria Augimeri was muted.

“I’m disappointed but cautiously optimistic she heard the words of a TTC rider,” said Augimeri. During a subway ride before lunch a rider confronted the premier to ask for relief from the sardine can subway, said the TTC chair.

Monday’s announcement won’t put an end to talk of revenue tools to pay for transit, one member of a panel headed by Anne Golden said last year. Its advice to hike the HST and gas tax was ignored, but Cherise Burda of the Pembina Institute said other ideas were reflected in Wynne’s speech.

“Some things actually have come out of the Golden panel. One of those things is the debt financing type of ratio and some other elements like the repurposing of revenue that currently exists and moving towards transit infrastructure,” she said.

“This a long game . . . I don’t think the debate is over about revenue tools but I’m happy to see dedication of a fund which is a first step,” said Burda of the sustainability think tank.

Earlier Monday, Progressive Conservative Leader Tim Hudak said Toronto can have it all — new subways and better roads — without paying more taxes.

Hudak insisted, standing at the corner of Bloor and Yonge streets., that if elected his government would set aside a portion of the $12 billion the province spends on capital and infrastructure annually to be earmarked for new subways with the auditor general having oversight.

“We desperately need to make investments in our subway system,” he told reporters.

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Hudak said the difference between his plan and Wynne’s is that he is not proposing to raise taxes or introduce tolls and fees to pay for it.

“The last thing you want to do is increase taxes like Kathleen Wynne, the Liberals and the NDP want to do . . . when increased taxes takes money out of the pockets and makes things more expensive. It will slow down our economy and cost us jobs,” he said.

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