Andrew Scheer proposes legislation that would revoke central bank’s exemption from scrutiny by auditor general
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Canada’s main opposition Conservatives are ratcheting up pressure on the nation’s central bank, although the party’s new leader has put aside his previous call for the governor’s dismissal.
Pierre Poilievre, who was overwhelmingly elected by fellow Tories last month to challenge Prime Minister Justin Trudeau, has blamed the Bank of Canada for financing the Liberal government’s record-setting pandemic budget deficits.
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In May, the 42-year-old firebrand said that if elected prime minister he would fire governor Tiff Macklem for helping to drive inflation to a multi-decade high.
Poilievre hasn’t called for Macklem’s dismissal since assuming the Conservative leadership. But his procedural chief in the legislature released a 10-minute video Tuesday making clear the central bank was still in the political crosshairs.
The Bank of Canada created billions out of thin air, caused inflation, and then denied it.
It’s time to restore the independence of the Bank of Canada by making it more accountable. ? pic.twitter.com/mtodzI4xqr
The Bank of Canada “literally controls the value of the money that you work so hard to earn, and its policies determine the interest rates that you pay on all the debt that you carry,” Opposition House Leader Andrew Scheer said. “Because of that, the bank should be subject to ruthless scrutiny and dispassionate analysis.”
Scheer has proposed legislation that would revoke the central bank’s exemption from scrutiny by the nation’s auditor general. Macklem is scheduled to deliver a speech and hold a press conference on Thursday afternoon, and traders are betting that he will deliver another oversized policy rate hike later this month.
Poilievre and Trudeau aren’t likely to square off in an election until 2025 thanks to a power-sharing deal the prime minister struck with the left-leaning New Democratic Party. But were the Conservatives to win power, Macklem would likely be in an unworkable bind given the open attacks from the Tories.
Rising interest rates have dealt them a double whammy as they try to sell their current home and buy a new one
OTTAWA — The Bank of Canada cannot relax its current rapid pace of rate hikes because it has yet to see evidence that underlying inflation is easing, Governor Tiff Macklem said on Thursday.
OTTAWA — The Bank of Canada cannot relax its current rapid pace of rate hikes because it has yet to see evidence that underlying inflation is easing, Governor Tiff Macklem said on Thursday.
OTTAWA — The Bank of Canada made clear on Thursday it will not yet be pivoting away from its rapid pace of interest rate increases, with Governor Tiff Macklem saying there were no signs underlying inflation might be easing.
(Bloomberg) — Canadian employment grew in September for the first time in four months, but gains remained moderate in a sign the labor market continues to be near full capacity.
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