B.C. Finance Minister Carole Taylor said Friday she will not seek re-election in 2009, but wouldn't say what her future plans might be.

B.C.'s Finance Minister Carole Taylor confirmed Friday in Victoria that she would not run in the next provincial election in 2009. (CBC)

"All I have decided is I will not be running in the next election," Taylor said Friday morning in Victoria at a news conference called to present a quarterly report on the provincial budget.

"I would like to think this is not a big news story," said Taylor, who was peppered with questions about her political future, rather than questions about the budget briefing she had just finished.

Taylor repeatedly dismissed speculation that she was planning to run for mayor of Vancouver.

"I am getting calls, letters, meetings. … I am just saying at this point I am only concentrating on the next budget [in February].… I have no intention of thinking further than that," she said.

She also dismissed suggestions she was leaving because Campbell had decided to run for a third term, blocking her from making a run for the leadership of the party, and dismissed speculation that she might run in federal politics

"I never saw myself as the next heir apparent [to the premier]," she said. "I have not been approached by anyone at the federal level."

Enjoying the freedom

When asked if she was stepping down for personal reasons, she said exactly the opposite was true, as her children were grown up and her husband was retired.

"I am at a point in my life were I can work pretty hard. Because when you are a young mom and in politics it is pretty difficult. I have a lot of freedom right now. I have time and the opportunity to choose what I would like to do next," she said.

In Hong Kong, Campbell said earlier Friday that Taylor revealed her decision to him before he left on his 12-day Asian trade mission on Monday.

Taylor told her caucus colleagues during a meeting the next day, Campbell said.

Campbell also would not comment on rumours Taylor was leaving to run for mayor in Vancouver, a position both he and Taylor's husband, Art Philips, have held.

And he downplayed the significance of the departure of the star cabinet minister after serving just one term in cabinet, noting he only asks MLAs to sign on for four years, not eight.

The speculation that Taylor might be moving to a new role increased in recent months after her deputy minister, Tamara Vrooman, left last summer to take over the high-profile post of CEO of the Vancity credit union. 

Taylor was elected in May 2005 in the riding of Vancouver Langara. The premier quickly appointed her as finance minister.

Credited with boosting social programs

She is credited with helping to reverse the slide in the polls of the right-of-centre Liberal government by using a growing government surplus to boost spending on social programs after years of funding cuts.

One of her major successes was the negotiation of the latest round of labour contracts with the province's public servants, which included a billion-dollar signing bonus and helped ensure labour peace through the 2010 Olympics.

The premier has confirmed Taylor will remain as finance minister and continue with her preparations for the provincial budget, due in February.

Taylor has made a tremendous contribution to government and to the people of B.C., Campbell said, and he has no intention of shuffling his cabinet.

The former beauty queen from Toronto served as chair of CBC/Radio-Canada from 2001-05.

She also served as an independent alderman on Vancouver city council from 1986 to 1990, as well as serving as chair and director for numerous public and private organizations.

Prior to entering politics she was a successful broadcaster, including stints hosting CTV shows W5 and Canada AM and the CBC's  Pacific Report.

With files from the Canadian Press