NDP Leader Jagmeet Singh says the federal government needs to review the mandate of the Bank of Canada to put people first. The Bank of Canada wording on a Canadian $50 bill is pictured in Ottawa on Wednesday, Jan. 11, 2023. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – The New Democrats say the federal government should follow the lead of British Columbia’s premier and ask the Bank of Canada to stop raising interest rates.
Premier David Eby wrote to Bank of Canada Governor Tiff Macklem last week and asked him not to hike rates again as Canadians struggle to pay for food and rent.
NDP Leader Jagmeet Singh applauded that move and today says the Liberals should be reconsidering the central bank’s mandate to ensure it puts people first.
In response to a request for more details on the suggested changes, Singh’s director of communications says the Liberals could ask the central bank to halt rate hikes as part of regular discussions between the governor and federal finance minister.
While the federal government and the Bank of Canada set the central bank’s mandate, its operations – including interest-rate decisions – are independent.
The central bank announced today it is holding its key interest rate at five per cent as signs of a weakening economy grow.
This report by The Canadian Press was first published Sept. 6, 2023.
