Canada’s government should look at taxing excess profits instead of relying on higher interest rates to bring down inflation, according to the head of the left-wing party propping up Prime Minister Justin Trudeau in parliament.
“Many of the causes of inflation have no relevance or connection to interest rates domestically set in Canada or in other countries around the world,” New Democratic Party Leader Jagmeet Singh said Wednesday on Bloomberg Television in New York.
Governor Tiff Macklem raised borrowing costs to 4.75 per cent in a surprise move three weeks ago, ending a conditional pledge the bank made in January to pause and assess how more than 400 basis points of tightening in less than a year would impact Canada’s economy. Economists expect another hike in coming months.
“If we didn’t raise retail prices as costs went up, the companies that we operate would disappear almost instantly,” Weston responded.
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