Bank of Canada Confirms Trudeau Spending Keeping Interest Rates High

February 02, 2024

Ottawa, ON – Conservative Shadow Minister of Finance, Jasraj Singh Hallan released the following statement on the Governor of the Bank of Canada reaffirming that government spending was a factor in the latest interest rate decision that left rates high for Canadians:  

“The Governor of the Bank of Canada confirmed that government spending was factored into the Bank’s decision to leave interest rates high. The Governor said that increased government spending will ‘get in the way of bringing down inflation.’ As inflation stays high, so too will interest rates. And many Canadian homeowners now face mortgage renewals this year.

“Justin Trudeau has added more to the national debt than all previous prime ministers combined. This year, Canadian taxpayers will pay more on debt interest than they will on health care.

“The more Trudeau spends, the more his deficits crush Canadians. Nearly two million Canadians used a food bank in a single month last year, while the surging cost of gas, heat, and groceries takes more money out of everyone’s paycheque.

“Common sense Conservatives will fix the budget by eliminating wasteful spending, and lowering inflation and interest rates, so Canadians can bring home bigger paycheques and keep a roof over their head.”