Prime Minister Justin Trudeau’s finance minister is facing significant pressure to spend more on clean-energy subsidies and health care, even as a possible recession looms.
Chrystia Freeland, speaking Tuesday at a cabinet retreat ahead of parliament’s return next week, said she’ll “continue to take a fiscally prudent approach” as the government prepares its budget for the fiscal year that begins April 1.
“This is a once-in-a-generation moment,” Freeland told reporters in Hamilton, Ontario. “Either Canada seizes that opportunity, seizes our share of the new industrial global economy which is being built, or we get left behind.” The prime minister said his government will be able to help Canadians through the current turbulent environment while maintaining the country’s fiscal health and without undercutting the Bank of Canada’s efforts to fight inflation.
“We still do not know for sure how the plane is going to land,” she said. “We do not know for sure how the COVID-19 recession is going to finally play out.” “If you go too far too fast, the Bank of Canada is going to simply ratchet things up and make the interest rate environment more challenging,” he said.
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