Conservative Party: Bank of Canada Governor Confirms: Liberal-NDP Spending and Carbon Tax Exacerbate Inflation, Hindering Interest Rate Reduction

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The back of the Parliament Building in Ottawa taken before sunset. The Peace Tower is in the background and the Library is in the foreground.
The back of the Parliament Building in Ottawa taken before sunset. The Peace Tower is in the background and the Library is in the foreground.

Ottawa, ON – Jasraj Singh Hallan, Conservative Shadow Minister for Finance, released the following statement on the Governor of the Bank of Canada’s confirmation, at the House of Commons Finance Committee, that Liberal-NDP spending and their carbon tax are making it harder to fight inflation and bring down interest rates:

“The Governor of the Bank of Canada confirmed again today that Trudeau’s deficit spending and carbon tax are inflationary and making it harder to bring down interest rates. The Governor was asked if government spending and the Bank of Canada’s attempts to control inflation are going in opposite directions, and his answer was a simple and straightforward ‘yes.’ Asked about what happens if the government continues down this reckless path, the Governor said, ‘that would not be helpful in getting inflation down to target.’

“And when asked whether controlling this inflationary spending would help avoid Trudeau’s looming mortgage crisis, the Governor said ‘that will help us get inflation down. When inflation comes down, interest rates can come down, and that will help relieve some of the risks there as well.’

“The Governor also confirmed what common sense Conservatives have been consistently telling Canadians – that Trudeau’s carbon tax is driving inflation. The Governor confirmed that if Trudeau were to listen to Conservatives and axe the tax overnight, there would be an immediate drop in inflation.

“With the Fall Economic Statement fast approaching, it is increasingly clear that the Liberal-NDP coalition needs to bring forward a path to balance and axe the tax in order to bring inflation down, so interest rates can fall and Canadians will be able to stay in their homes. Canada is headed for a mortgage disaster, and Canadians know that this Prime Minister’s inflationary spending is not worth the cost. Common Sense Conservatives will cut wasteful spending and axe the tax to bring down interest rates and bring home lower prices for Canadians.”

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