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Finance

During question period on finance, the NDP asked why the government is not doing more to make life affordable after the Bank of Canada raised interest rates for the first time since 2023, saying higher mortgage, loan and credit card costs are hitting working families and prices are expected to stay high through 2027. The Liberals replied that the Bank of Canada is independent and that inflation is being driven by conflicts in the Middle East and oil price shocks, pointing to government programs such as child care, dental care, school food and grocery support as help for families.Written by AI from the debate. Updated .

Official text

1 statement

Don Davies

NDP
“The Bank of Canada just raised interest rates, making loans, mortgages, and credit cards more expensive. Prices are predicted to stay high through 2027. Why is the government failing to make life more affordable for Canadians?”
Official Hansard

Mr. Speaker, Canadians are being hammered by the rising cost of living, and yesterday brought another blow with the Bank of Canada hiking interest rates for the first time since 2023. This means higher credit card bills, bigger mortgage payments and more expensive loans for working families. It will put added strain on small businesses and things will get worse. The Bank of Canada forecasts inflation to soar through 2027. Why is the Liberal government failing to bring down the cost of living and make life more affordable for Canadians?

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