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 100 basis points:

“Today’s 100 basis point increase for interest rates means more pain on the horizon for Canadians with mortgages.

“As Justin Trudeau and his NDP allies continue down their reckless spending agenda, spending more than every previous Canadian Prime Minister combined – he continues to put enormous upward pressure on inflation, leaving the Bank of Canada to make the sharpest interest rate hike in nearly 25 years.

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

“As interest rates continue to climb, the average Canadian household will spend nearly $2000 more in debt payments next year, further eroding purchasing power as the cost-of-living crisis continues to devastate families. Yet, Justin Trudeau and the Liberals continue to ignore the issue, claiming that this is a global phenomenon while refusing to offer any solutions to help Canadians. Canadians can’t afford more of this careless approach.

“Canadians deserve a government that will fight the cost-of-living crisis and take real action to ease inflation. Yet, Justin Trudeau continues to show he doesn’t understand monetary policy, refuses to use the fiscal tools at his disposal, like controlling discretionary spending to combat inflationary pressures. By doubling down on his exuberant spending, he only makes life more expensive for Canadians.

“Conservatives will continue to be the voice of Canadians who are looking for relief from Justin Trudeau’s cost-of-living crisis. We will continue to advocate for common-sense solutions that provide immediate relief to Canadians, leaving more money in their pocket and protecting the value of the money that they earn.”