Connect with us

Economy

Vaccines, economy shape potential platforms ahead of possible 2021 election – Global News

Published

 on


For all the bluster among federal political leaders about not wanting an election any time soon, the political truth is as cold as a winter’s wind: the potential for one is a reality in 2021.

For now, political parties say getting through the long dark winter without the health-care system collapsing due to COVID-19 is a priority, as is ensuring vaccines quickly and effectively reach all parts of the country.

Read more:
Support for Trudeau’s handling of COVID-19 not enough to win him a majority: Ipsos poll

But running parallel to that is the ongoing debate over how to cushion the economic blow caused by the pandemic.

Who has the best ideas on that score and ought to be entrusted with running the country as Canada builds itself back up is expected to be the dominant ballot box question come the next election.

Story continues below advertisement

Here’s a look at some of the factors at play that could shape how or when that election is called.

The Liberals

Prime Minister Justin Trudeau laid out the broad strokes of his vision for Canada in the fall throne speech and subsequent economic update. He’ll return to it again in the 2021 budget.

But with a minority government, his desire to “build back better” rests on continuing to get support from other parties for any legislation he seeks to advance.


Click to play video 'Coronavirus: ‘I do not want an election,’ Trudeau says'



3:33
Coronavirus: ‘I do not want an election,’ Trudeau says


Coronavirus: ‘I do not want an election,’ Trudeau says – Sep 16, 2020

That the Liberals have survived thus far is largely thanks to the New Democrats who have propped up the government in several confidence votes.

Should Trudeau want to go to the polls to seek a majority mandate — a decision he may make based on public polling suggesting one is possible — he may have to slip a poison pill for the NDP into a confidence motion to ensure they vote him down.

Story continues below advertisement

Read more:
Trudeau appeals for new Liberal party candidates for next federal election

Meanwhile, on their right flank the Liberals will seek any opportunity to jump on comments from Conservative MPs or their leader, Erin O’Toole, that could allow the party to be painted as extremely right wing.

A recent fundraising email to that effect using some of O’Toole’s own comments helped the Liberals hit one of their strongest weeks of online fundraising since the 2019 campaign.

The Conservatives

The goal for the Conservatives in the next election is to form government.

Their path to victory revolves around making the case the Liberals are unfit to manage the post-pandemic recovery, and 2021 will see the Tories roll out their ideas and arguments for why their approach would be better.

Newly minted leader Erin O’Toole — he won the job in August — must become better known to Canadians; while Trudeau spent the lead-up to Christmas doing year-end interviews with major national media outlets, O’Toole’s approach was to avoid most and focus on regional players.


Click to play video 'Conservative Leader O’Toole says he has no confidence in government — but doesn’t want election'



2:28
Conservative Leader O’Toole says he has no confidence in government — but doesn’t want election


Conservative Leader O’Toole says he has no confidence in government — but doesn’t want election – Oct 20, 2020

Expanding the party’s reach beyond its loyal and committed base is the primary challenge for O’Toole.

Story continues below advertisement

Doing so requires a delicate dance between ensuring card-carrying members of the party see their demands met and not alienating potential voters.

Those two goals may come to a head at the party’s upcoming virtual convention.

What motions O’Toole supports or ignores there will signal which direction he wants to take the party, especially with groups like the anti-abortion Campaign Life Coalition mobilizing to advance its causes on the convention floor.

The New Democrats

The Liberals have hoovered up NDP ideas like Santa eating cookies on Christmas Eve: pharmacare, paid sick days and the cancellation of interest on student loans are now part of the policy package for the government.

NDP Leader Jagmeet Singh has said the government must act on those promises to ensure his party’s ongoing support, but they also have other demands, like increased taxes on the “ultrarich.”

The NDP secured concessions from the Liberals in pandemic-response legislation, but a decision to prop them up in a vote over WE Charity raised some eyebrows.


Click to play video 'NDP leader describes Trudeau’s election threat as outrageous and absurd'



0:53
NDP leader describes Trudeau’s election threat as outrageous and absurd


NDP leader describes Trudeau’s election threat as outrageous and absurd – Oct 20, 2020

Taking the ethical high ground is a central talking point for the party and painting the Liberals as corrupt friends of the rich is core to the their political strategy.

Story continues below advertisement

Singh says he is guided by doing what’s best for Canadians, but how much runaway he has within his own party to keep propping up the government is unclear.

Also of note: in 2021, the party retires its $10 million debt from the 2019 election, allowing the NDP to focus on refilling its coffers for the next run.

The Bloc Quebecois

While their opponents are in the game to win the country, for the Bloc Quebecois, a minority government where they hold a significant chunk of seats is actually a better outcome as it allows them to wield more power than they would in a majority.

The pandemic has put federal-provincial relations under exceptional strain and this is fertile ground for the Bloc Quebecois to till as they position themselves as the only party truly committed to Quebec’s interests in Parliament.

At a recent year-end press conference, Leader Yves-Francois Blanchet accused the Liberals of using the pandemic to seize and centralize power without a care for the provinces.


Click to play video 'Blanchet suggests he has lost confidence in the Trudeau government'



0:27
Blanchet suggests he has lost confidence in the Trudeau government


Blanchet suggests he has lost confidence in the Trudeau government – Aug 12, 2020

He also checked off a list of causes dear to Quebec that his party fought for in 2020, including compensation for supply-managed industries and action to force airlines to refund customers who couldn’t travel during the pandemic.

Story continues below advertisement

Expect the Bloc to also press back hard against the Liberals’ plan to institute some kind of national strategy to guide long-term care homes, which Quebec has said is beyond the scope of federal power.

The BQ’s main political rival come 2021 is the Conservative party, which continues to insist it is the best placed to achieve actual change for Quebec. Much like the Liberals, expect the Bloc to focus on knocking down Erin O’Toole where they can.

The Green party

The Greens have appeared poised for an electoral breakthrough for years as Canadians demand more aggressive action on climate change, but it has been a slog to convert national support in the polls to winning seats.

They currently hold three, and but despite best efforts so far, new Green Leader Annamie Paul doesn’t have one.


Click to play video 'Annamie Paul elected as new federal Green Party leader'



5:27
Annamie Paul elected as new federal Green Party leader


Annamie Paul elected as new federal Green Party leader – Oct 4, 2020

Increasing her profile is crucial in the coming months, but challenging without a seat in Parliament.

Story continues below advertisement

She’s been working the media circuit and holding regular news conferences, but an election would give her a much-needed boost, especially if she is afforded a seat at nationally televised debates.

The Liberals’ goal to focus on a “green recovery” post-pandemic could see the Greens own approach get renewed attention.

© 2020 The Canadian Press

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Canadian retail sales slide in April, May as COVID-19 shutdown bites

Published

 on

december retail sales

Canadian retail sales plunged in April and May, as shops and other businesses were shuttered amid a third wave of COVID-19 infections, Statistics Canada data showed on Wednesday.

Retail trade fell 5.7% in April, the sharpest decline in a year, missing analyst forecasts of a 5.0% drop. In a preliminary estimate, Statscan said May retail sales likely fell by 3.2% as store closures dragged on.

“April showers brought no May flowers for Canadian retailers this year,” Royce Mendes, senior economist at CIBC Capital Markets, said in a note.

Statscan said that 5.0% of retailers were closed at some point in April. The average length of the closure was one day, it said, citing respondent feedback.

Sales decreased in nine of the 11 subsectors, while core sales, which exclude gasoline stations and motor vehicles, were down 7.6% in April.

Clothing and accessory store sales fell 28.6%, with sales at building material and garden equipment stores falling for the first time in nine months, by 10.4%.

“These results continue to suggest that the Bank of Canada is too optimistic on the growth outlook for the second quarter, even if there is a solid rebound occurring now in June,” Mendes said.

The central bank said in April that it expects Canada’s economy to grow 6.5% in 2021 and signaled interest rates could begin to rise in the second half of 2022.

The Canadian dollar held on to earlier gains after the data, trading up 0.3% at 1.2271 to the greenback, or 81.49 U.S. cents.

(Reporting by Julie Gordon in Ottawa, additional reporting by Fergal Smith in Toronto, editing by Alexander Smith)

Continue Reading

Economy

Canadian dollar notches a 6-day high

Published

 on

Canadian dollar

The Canadian dollar strengthened for a third day against its U.S. counterpart on Wednesday, as oil prices rose and Federal Reserve Chair Jerome Powell reassured markets that the central bank is not rushing to hike rates.

Markets were rattled last week when the Fed shifted to more hawkish guidance. But Powell on Tuesday said the economic recovery required more time before any tapering of stimulus and higher borrowing costs are appropriate, helping Wall Street recoup last week’s decline.

Canada is a major producer of commodities, including oil, so its economy is highly geared to the economic cycle.

Brent crude rose above $75 a barrel, reaching its highest since late 2018, after an industry report on U.S. crude inventories reinforced views of a tightening market as travel picks up in Europe and North America.

The Canadian dollar was trading 0.3% higher at 1.2271 to the greenback, or 81.49 U.S. cents, after touching its strongest level since last Thursday at 1.2265.

The currency also gained ground on Monday and Tuesday, clawing back some of its decline from last week.

Canadian retail sales fell by 5.7% in April from March as provincial governments put in place restrictions to tackle a third wave of the COVID-19 pandemic, Statistics Canada said. A flash estimate showed sales down 3.2% in May.

Still, the Bank of Canada expects consumer spending to lead a strong rebound in the domestic economy as vaccinations climb and containment measures ease.

Canadian government bond yields were mixed across a steeper curve, with the 10-year up nearly 1 basis point at 1.416%. Last Friday, it touched a 3-1/2-month low at 1.364%.

(Reporting by Fergal Smith; editing by Jonathan Oatis)

Continue Reading

Economy

Toronto Stock Exchange higher at open as energy stocks gain

Published

 on

Toronto Stock Exchange edged higher at open on Wednesday as heavyweight energy stocks advanced, while data showing a plunge in domestic retail sales in April and May capped the gains.

* At 9:30 a.m. ET (13:30 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 16.77 points, or 0.08%, at 20,217.42.

(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)

Continue Reading

Trending