Ontario Premier Doug Ford has urged the Bank of Canada to stop increasing interest rates, saying families and businesses are struggling to cope get and can’t afford another increase.
The bank has increased rates 10 times since March 2022 in an effort to tackle inflation. It paused on those hikes in January for a few months to find out whether the economy had sufficiently stabilized and resumed its campaign in June.
The apex bank will make its next interest rate decision soon.
In a letter to Tiff Macklem, the Bank of Canada governor, Ford wrote: “Your rate hikes have made it next to impossible for young people, newcomers, and first-time homebuyers to have any place to call home.
“I urge you to consider the effect higher interest rates are having on everyday people who are simply trying to make ends meet.”
Ford says instead of higher interest rates, the federal government will liaise with provinces and territories to invest in and build out critical infrastructure projects that will generate higher-paying jobs and improve the production of goods and services, thus decreasing the cost of everyday essentials that have “never been more expensive.”
Bank of Canada reveals on its website that it is responsible for promoting the economic and financial welfare of Canada, which includes keeping low and stable inflation.
The website stated that the Bank of Canada announces its major policy decision, the setting of interest rates, eight times a year and that members of the bank’s governing council observe a blackout no-comment period around the time of the decisions.
The bank did not respond immediately to a request for comment on Ford’s letter.
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