Canadian Finance Minister Chrystia Freeland on Friday defended the central bank as inflation spikes to a three-decade high and the frontrunner to take over the opposition Conservative Party pledges to fire the Bank of Canada governor if elected.
“It is clear to us all that we are living through a period of global volatility. We have COVID. We have the Russian invasion of Ukraine. We have China’s zero-COVID policy,” Freeland told reporters by teleconference from Munich, Germany after a G7 meeting.
“In this environment, responsible political leadership means reinforcing for Canadians, and for the world, our government’s very clear commitment to the independence of the Bank of Canada and our confidence in the Bank of Canada.”
Pierre Poilievre, who leads in all polls ahead of a September vote to elect a new Conservative leader, has said he would turf Bank of Canada Governor Tiff Macklem “to get inflation under control” if he becomes prime minister.
Inflation inched up to 6.8% in April, with food price growth hitting a four decade high, upping the pressure on the central bank to hike interest rates quickly to avoid an inflationary spiral.
Separately, Canada said on Friday it was imposing additional sanctions on Russian oligarchs and banning trade in certain luxury goods with Russia in response to Moscow’s invasion of Ukraine.
3:30 Conservatives accuse Liberals of ‘using talking points from 2015’ on inflation
Conservatives accuse Liberals of ‘using talking points from 2015’ on inflation
Freeland also told reporters the G7 had broadly discussed “further strengthening” sanctions against Russia, including the question of an oil and gas embargo.
“We absolutely recognize that the economic challenge of an oil and gas embargo is much greater for our European partners,” she said, adding the group had discussed ways Canada could support Europe on energy security.
(Reporting by Julie Gordon and Steve Scherer in Ottawa; Editing by Chizu Nomiyama)
TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.
The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.
It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.
The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.
That bill passed third reading Thursday morning with no debate and is awaiting royal assent.
Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.
This report by The Canadian Press was first published Nov. 7, 2024.
