National

B.C. Premier Eby writes to Bank of Canada governor, urging him to halt rate hikes

Darpan News Desk The Canadian Press, 31 Aug, 2023 11:28 AM

British Columbia Premier David Eby is calling on the Bank of Canada to halt further interest rate hikes.

In a letter Thursday to Bank of Canada governor Tiff Macklem, Eby urged him to consider the "human impact" of rate hikes.

The Bank of Canada is set to make an interest rate decision next Wednesday.

"While the role of the Bank of Canada is to make decisions about monetary policy, my role as premier is to stand up for people in B.C. and ensure their voices are heard as decisions are made that impact them," said Eby's letter.

"People in B.C. are already hurting," he said. "In your role as governor, I urge you to consider the full human impact of rate increases and not further increase rates at this time."

The letter said the Bank of Canada had raised rates 10 times since March last year, with the current interest rate at five per cent, the highest in 22 years.

Eby also wrote Thursday to Prime Minister Justin Trudeau calling for a targeted approach to fighting inflation, focusing on housing and infrastructure improvements.

The letter to Trudeau said a focus on such key sectors will have long-term anti-inflationary benefits while growing the economy and improving productivity.

"There are other ways for us to achieve cost stability, but they do require diligence and co-ordination," said the premier's letter to Trudeau. "The time is overdue for such an effort," said Eby. "Ahead of September's rate decisions, I suggest a robust and targeted approach focused on the largest contributors to inflation."

Eby's letter to Macklem said "unnecessary" further interest rate increases pose a danger not just to homeowners looking to renew mortgages but to renters, students, seniors, families and small business people looking to pay bills, just as they start to recover from the COVID-19 pandemic.

Prev Next

MORE National ARTICLES

Applications open for dental care benefits

The benefit, to be used toward dental services, is available for children under 12 in families that earn less than $90,000 a year and ranges from $260 to $650 per child depending on net income.

Applications open for dental care benefits

Canada gains on U.S. in permanent resident race

It's a record that will likely be beaten more than once in the coming years, as a Canadian federal immigration plan released earlier this month aims to admit 465,000 new permanent residents in 2023 and 500,000 a year by 2025, with a particular focus on bringing in people with needed skills and experience.

Canada gains on U.S. in permanent resident race

How $10-a-day child care is rolling out in Canada

British Columbia was the first to sign on, inking a $3.2-billion deal in July 2021 with plans to create 30,000 new child-care spaces within five years and 40,000 within seven years. B.C. started a $10-a-day program at select facilities in 2018 and plans to double those spaces to 12,500 this month.

How $10-a-day child care is rolling out in Canada

B.C. public school teachers ratify new contract

It boosts annual salaries for new teachers as much as $8,500 by the end of the third year while B.C.'s highest-paid educators will earn up to $13,500 more over the same period, which Johnston says pushes them above the $100,000-per-year threshold for the first time.

B.C. public school teachers ratify new contract

Arctic cold descends on parts of B.C.

Arctic outflow warnings have been posted for B.C.’s central and northern coasts, with the wind chill predicted at minus 20. Special weather statements are also up for most of Vancouver Island and the south coast, with icy conditions and wind chills near minus 10.

Arctic cold descends on parts of B.C.

Street drugs kill another 179 people in B.C.

The coroner says the October statistics show that illicit drugs caused the deaths of 1,827 people in B.C. in the first 10 months of this year. Chief coroner Lisa Lapointe says the increased toxicity and variability of street drugs has created an environment where everyone who uses substances is at risk.