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 after the Bank of Canada increased interest rates by 75 basis points:

“Today’s 75 basis point interest rate hike means more pain for Canadians struggling to keep up with record cost of living pressures.

“Despite being warned that out-of-control spending would continue to put enormous upward pressure on inflation and interest rates, Justin Trudeau and his NDP allies have refused to change course. As a result of continuing with their reckless tax and spend agenda, Canadians are now being forced to contend with a fourth consecutive outsized interest-rate hike. 

“For Canadians, this means less of their hard-earned money in their own pockets. Canadians with mortgages will see a sharp increase in their payments, while those looking to buy a house for the first time will see the dream of homeownership slip out of reach.

“Anyone who has taken on debt to afford basics like food, rent, and utilities will see their purchasing power eroded by increased debt repayment. Unfortunately, the Liberals and their NDP allies have rejected Conservative proposals to reduce inflationary pressure by getting their reckless government spending under control.

“Instead, the Liberals and their NDP partners seem to be out-of-touch with the cost-of-living crisis Canadians are facing. As a result of their failure to control spending and provide cost-of-living relief, Canada appears poised to face a significant economic downturn.

“Canadians deserve a government that will fight the cost-of-living crisis and make life more affordable. That is why Conservatives will continue to call on the government to tackle inflation by getting reckless spending under control.

“Conservatives will continue to fight to leave more money in the pockets of hard-working Canadians, protect the value of the money that they earn, and end the government’s inflation-fueling reckless spending.”