Canada's NDP

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October 26th, 2022

Hiked interest rates will hurt families, but Liberals continue to stand by

Justin Trudeau's Liberal government continues to stand by and do nothing to help families deal with the increased cost-of-living and the increased interest rates which will make mortgage and credit payments higher

OTTAWA – Today, the Bank of Canada announced their sixth consecutive interest rate hike, and the Liberal government continues to stand by and do nothing to help families deal with increased costs. Costs are already at record highs, and for months Canadian families have been forced to take a look at their budgets and make difficult decisions about what they can no longer afford. Last week, Canada’s NDP Leader Jagmeet Singh wrote to the Prime Minister calling for him to fight for hardworking people – instead of sitting by while costs soar.

“People are doing everything right, but they just can’t keep up with rising costs – and their mortgage and credit payments are about to get even more expensive,” said Singh. “While families across the country are having to make hard decisions about their grocery bills, some in this country are doing just fine and actually profiting from inflation. Right now, big corporations’ profits are going up twice as fast as inflation - but workers’ wages aren’t keeping up. For the last 6 months, the Liberal government has spent more time applauding itself than it has fighting inflation. It is completely unacceptable."

In his letter, Singh laid out concrete measures that the Liberals should include in their upcoming Fall Economic statement to ensure people aren’t left to fend for themselves with the continued cost-of-living and interest rate increase. The NDP proposed tackling the corporate greed that is driving up costs and fixing Employment Insurance so that if a recession does happen, no worker is left behind.

“Managing inflation is not just up to the Bank of Canada – the Liberals have a responsibility too. They should stop hiding behind the Bank of Canada and show leadership,” added Singh. “New Democrats expect to see a much more diverse strategy from the Liberal government to protect Canadians against inflation. Many economists are predicting a recession – brought on in part by the overly aggressive actions of the Bank of Canada and the indifference of the Liberal government. Canadians desperately want us to prepare for what is coming. New Democrats know that Canadian families need help – that’s why we’re fighting for you, not rich CEOs who are making millions off of your back.”