‘Targeted’ inflation relief for vulnerable Canadians coming in 2023 budget: Freeland – National | 24CA News
Finance Minister Chrystia Freeland pledged on Monday that the Liberals would offer “additional, targeted inflation relief” to weak Canadians within the 2023 federal funds.
But the deputy prime minister additionally cautioned that Canada finds itself in a “turbulent time in the world economy” and mentioned that the federal government would keep away from “pouring fuel on the fire of inflation” with its fiscal coverage for the yr forward.
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Freeland made the feedback in Oshawa, Ont., the place she teed up the federal government’s spending plans for the 2023 funds, set to be tabled on March 28.
The finance minister spoke concerning the difficulties going through some Canadians amid rising rates of interest and inflation that has cooled as of late however stays effectively above the Bank of Canada’s two per cent goal.
Freeland steered that the funds will embrace help for low-income Canadians, however mentioned that the spending plans will nonetheless present Ottawa is exercising “fiscal restraint” to keep away from stimulating the financial system and inadvertently driving inflation increased once more.
“For those Canadians who feel the bite of rising prices the most acutely, for our most vulnerable friends and neighbours, our government will deliver additional targeted inflation relief. This support will be narrowly focused and fiscally responsible,” she mentioned.
“What Canadians want right now is for inflation to come down and for interest rates to fall, and that is one of our primary goals in this year’s budget: not to pour fuel on the fire of inflation.”
Freeland mentioned the doc may also embrace the “comprehensive health-care plan” introduced by the Liberals final month at a price ticket of $198 billion over 10 years.
She additionally spoke about two “fundamental shifts in the global economy”: the impetus to put money into inexperienced industries corresponding to electrical autos and the shift of world economies away from reliance on states like Russia and in the direction of “friendshoring.”
Freeland mentioned Canada is well-positioned to capitalize on each of those developments, given its manufacturing capability for essential minerals, for instance.
“Canada produces what the world needs,” she mentioned.
“These fundamental economic shifts represent a huge economic opportunity for Canada.”
More to return.
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