Economic experts urge Liberal cabinet to ensure budget spending doesn’t counter Bank of Canada efforts to curb inflation
So far, the impact of higher borrowing costs has mostly been felt in the housing market, while other parts of the economy have proven remarkably resilient. Unemployment is near a record low, and GDP growth is on track to exceed expectations through the fourth quarter of 2022.
Former Bank of Canada senior deputy governor Carolyn Wilkins, along with Chief Statistician Anil Arora and University of British Columbia economics professor Kevin Milligan, spoke with reporters after their closed-door meeting with federal ministers earlier on Tuesday. Ms. Wilkins is now a senior research scholar at Princeton University and an external member of the Bank of England. She pointed to the example of Britain’s September mini-budget, which prompted a strong negative reaction from financial markets because its tax cuts were viewed as stimulative and inflationary. The British proposals were later withdrawn.
In an interview with The Globe and Mail after his confidential presentation, Mr. Arora said he used the data that the census agency gathers to lay the table for the ministers about the economic and personal pressures facing Canadians.
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