Peter Shawn Taylor: Ottawa goes all-in on its shiny new industrial policy — via fpcomment
on her plan to deposit $2 billion in the Canada Growth Fund, a key component of the Trudeau government’s new industrial policy. Marshall’s problem: the Canada Growth Fund doesn’t actually exist.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
, fiddly little details like creating a proper governance structure to oversee the disbursement of billions in taxpayers’ money must take a backseat. “Canada has to move faster than we have hitherto,” added Freeland.Article contentThe Canada Growth Fund and another yet-to-be-created organization called the Canadian Innovation and Investment Agency lie at the centre of the federal government’s new industrial policy.
Now the Trudeau government is reviewing SR&ED and shifting its attention to direct government intervention. This means more ad hoc decisions about which specific firms in which favoured sectors will benefit from public largesse. And in ways that put taxpayers at much greater risk.Article content In reality, the financial risks will be transferred to the government and taxpayers will assume all the financial burden when things go wrong.
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