British Columbia Premier David Eby is calling on the Bank of Canada to halt further interest rate hikes.
In a letter today to Bank of Canada governor Tiff Macklem, Eby urges him to consider the full human impact of rate hikes and not increase them at this time.
The Bank of Canada is set to make an interest rate decision early next month.
Eby has also written to Prime Minister Justin Trudeau, attaching his letter to Macklem and calling for a targeted approach to fighting inflation, focusing on housing and infrastructure improvements.
Eby’s letter to Trudeau says a targeted approach to key sectors will have long-term inflation-fighting benefits while growing the economy and improving productivity.
Eby’s letter to Macklem says “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.
This report by The Canadian Press was first published Aug. 31, 2023.
The Canadian Press
