With another interest rate hike that will only hurt Canadian families, NDP urges government to tackle corporate greed

Canada’s NDP Leader, Jagmeet Singh, made the following statement in response to the Bank of Canada’s interest rate announcement:

“After Canadian families saw some relief from a pause in interest rate hikes, today the Bank of Canada hiked rates for the ninth time since March 2022. This increase will hit families who are already stretched thin. Another rate hike will result in higher mortgages and rent payments, and make paying off personal debt even more difficult.

A growing number of economists recognize that major corporations are to blame for the cost-of-living crisis, as they use inflation as an excuse to jack up their prices. Higher interest rates won’t tackle this problem. It doesn’t make life more affordable for families. It only makes life harder for Canadians struggling to take care of themselves and their families. As rent increases, the dream of homeownership becomes even more out of reach for thousands of families.

While we appreciate the Bank of Canada is independent, the government seems very happy to stand idly by while Canadians drown in debt. This Liberal government seems more interested in protecting corporate profits than working for you and your family. They’re fine with your family paying even more each month while huge corporations rake in more profits.

In these dire times, economists, and even the Liberal government themselves, have warned that interest rate hikes will drive Canada towards a self-inflicted recession, putting thousands of Canadians out of work. We need a robust employment insurance system that's ready to help families when they need it. Working Canadians didn’t cause this cost-of-living crisis and they shouldn’t be the ones paying for it.

As we see yet another interest rate hike, working people, who are doing everything right, continue to face an uphill battle in making ends meet. New Democrats are committed to tackling the cost-of-living crisis - by putting a windfall tax on companies that profit from inflation, fighting for anti-gouging laws, and taking on corporate landlords using the housing market to make a fortune off the backs of tenants. Your family deserves better. And New Democrats will be there to fight for you, always.”