VANCOUVER-
Inflation and what the federal government can do to help Canadians deal with rising costs took center stage on Wednesday as the Liberal cabinet gathered for a second day of meetings in Vancouver.
As the Bank of Canada again raised the interest rate for the fifth time since March, from 2.5% to 3.25%, Deputy Prime Minister and Minister of Finance Chrystia Freeland said that Cabinet will discuss what the federal government could do to reduce costs. lively concerns without exacerbating inflation.
“When it comes to our government’s approach, we will continue to take a balanced and cautious approach as we have done all year. We understand that the most vulnerable in our society need to be supported,” Freeland said.
“We also understand at this time that our government has a real responsibility to be fiscally responsible, and that was one of the guiding principles of the April budget. And that will be an approach we will continue to take. .”
Freeland suggested that Canadians “have real confidence” in the long run, however, pollster Nik Nanos said that according to his research, consumer confidence in the country is “under water”.
“Canadians are feeling the pressure when it comes to interest rates and the cost of living,” he said in an interview with CTV National News.
Ahead of the resumption of the House of Commons on September 19, the cabinet met to discuss priorities and fine-tune its plans for the fall. The three-day cabinet retreat began Tuesday evening, with Prime Minister Justin Trudeau and ministers touting the event as one focused on affordability and “delivery for Canadians.”
Ahead of the resumption of the House of Commons on September 19, the cabinet met to discuss priorities and fine-tune its plans for the fall.
It remains to be seen whether the government will announce new measures at the end of these meetings. However, with another session of Parliament looming to face a new Conservative leader and with deadlines looming to advance elements of their deal with the NDP, the Liberals know they are under pressure to act.
“We understand the anxiety of Canadians, and that’s the core of our work here in Vancouver,” said Intergovernmental Affairs Minister Dominic LeBlanc.
LeBlanc told reporters Tuesday night that the government is ‘very confident’ it will follow through on dozens of commitments made to the NDP and that the Liberals aren’t too busy with upcoming changes to the opposition leadership. official, who reacted to the interest rate news and focused their criticism on “Trudeau and his NDP allies.
“Despite warning that runaway spending would continue to put enormous upward pressure on inflation and interest rates, Justin Trudeau and his NDP allies refused to change course,” said Conservative MP and finance critic Dan Albas in a statement.
Speaking to reporters in Halifax, where his caucus is holding a pre-parliament strategy session, Singh said his party is preparing to “force” the government to soon follow through on some key pillars of their deal which he says will would help support some Canadians. through the current cost of living crisis.
“New Democrats have heard from people across the country throughout the summer, and what has become very clear is that people are having a hard time putting food on the table, paying their bills, things get very difficult,” Singh said.
Citing examples of what other countries have faced with high inflation, such as direct financial supports in Spain and the US Inflation Reduction Act, Singh said he “demanded” that the government put in place put in place new measures.
“Here in Canada, Justin Trudeau and the Liberals have been too busy saying it’s better in Canada and worse everywhere else. Well, that doesn’t help a family that can’t afford groceries. They’ve been too busy saying it’s not We’re not claiming it’s the government’s fault, but it’s their fault that they don’t respond by helping people,” Singh said.