Ottawa, ON – The Hon. Ed Fast, Conservative Shadow Minister for Finance, and Gérard Deltell, Conservative Shadow Minister for Innovation, Science and Industry, released the following statement on the Bank of Canada’s interest rate hike:

“Another month, another interest rate hike.

“Less than a week after the first NDP-Liberal budget unleashed an avalanche of uncontrolled spending, failed to present a fiscal anchor and failed to present a plan to control inflation, the Bank of Canada has hiked interest rates by 50 basis points. The Bank also warned that it will likely raise rates further to combat the out-of-control inflation that is driving the cost-of-living crisis.

“After seven years of Justin Trudeau’s policies, Canadians are facing record-high inflation and a skyrocketing cost of living leading to higher grocery and gas prices, and a growing housing affordability crisis.

“As Justin Trudeau continues to spend recklessly – spending more than every other Canadian Prime Minister combined – he continues to put enormous upward pressure on inflation, forcing the Bank of Canada to hike rates.

“Canadians deserve a government that will take real action to 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.

“Enough is enough. Canadians can’t afford a Prime Minister who wilfully ignores monetary policy.

“Conservatives will continue to be the voice of the millions of Canadians left behind in Justin Trudeau’s economy who are looking for relief from the cost-of-living crisis. We will continue to propose common-sense solutions to leave more money in Canadians’ pockets, and to protect the value of the money that they earn.”