Trudeau's Latest Rate Hike Will Be a Disaster For Struggling Canadians

June 7, 2023
FOR IMMEDIATE RELEASE

Ottawa, ON — The Hon. Pierre Poilievre, Leader of the Conservative Party of Canada and the Official Opposition, released the following statement on the Bank of Canada’s decision to raise interest rates: 

“The Bank of Canada’s latest 25 basis point rate hike is a disaster for the many Canadians barely hanging on. Hardworking people have had to slam on the brakes after Trudeau poured $60 billion of fuel on the inflationary fire.  

“Chrystia Freeland has admitted that Trudeau’s deficits and spending are fueling inflation and former Liberal finance minister John Manley described it as 'a bit like driving your car with one foot on the gas and the other on the brake generally, especially if there's slushy conditions under your tires.' 

“Canadians can’t afford this. Nearly half of all homeowners are finding their monthly mortgage payments unaffordable and Canada has the highest household debt in the G7. The IMF has said that Canada’s housing market is the most at risk of any developed country.  

“Conservatives will not let Trudeau pour even more fuel on his inflationary fire. We will block his budget until he gives us a path to balance and cancels his carbon tax hikes. 

“Trudeau must get his spending under control before it’s too late.”