Ottawa, ON – Dan Albas, Conservative Shadow Minister for Finance, and Gérard Deltell, Conservative Shadow Minister for Innovation, Science and Industry, today released the following statement on the Bank of Canada’s interest rate hike:
“Canadians are barely making ends meet because of Justin Trudeau’s cost-of-living crisis. Today, it got even harder for millions of Canadians.
“For the second time in a row, the Bank of Canada has hiked interest rates by another 50 basis points, while continuing to warn that it will likely continue to raise rates further to combat the out-of-control inflation that is driving the cost-of-living crisis.
“This interest rate hike will have a major impact on Canadians’ household budgets. As interest rates continue to climb, the average Canadian household will spend nearly $2000 more in debt payments next year, further eroding purchasing power.
“With Canadians already stretched thin with the rising cost of groceries and record-high gas prices, Justin Trudeau and the Liberals continue to ignore the issue, claiming that this is a global phenomenon while refusing to offer any solutions.
“Justin Trudeau and the Liberals are quick to take the credit when things are going well. But when things get difficult, they refuse to take responsibility and blame external factors. They can’t have it both ways.
“Canadians deserve a government that will fight the cost-of-living crisis and outline a clear commitment to control inflation. Unfortunately, Justin Trudeau doesn’t think about monetary policy and believes that budgets balance themselves. With his partners in the NDP, he continues down a tax-and-spend agenda that will continue to fuel the inflationary crisis.
“Conservatives will continue to propose common-sense solutions that leave more money in the pockets of Canadians and protect the value of the money that they earn. We will continue to be the voice of the millions of Canadians.”