Wednesday July 12, 2023 | VICTORIA, BC [Updated 12:30 pm]
by Mary P Brooke | Island Social Trends
Today Premier David Eby put it bluntly — just as much as is the ‘blunt tool’ that is interest rate hikes to try and control the rate of inflation.
Regarding today’s Bank of Canada interest rate increase, Eby said while addressing media during the Premiers meeting in Winnipeg: “I don’t believe in solutions that come at the expense of the poorest people.”
The Bank of Canada pushed up their basic interest rate by 0.25% to 5.0%. This will impact borrowers immediately and will further impact the cost of everything.
Instead, Eby says the solution is good and effective infrastructure that enables reduced costs of goods (through better transportation).
Eby said the Bank of Canada should not be reliant on “one tool” to help ease inflation.
===== RELATED:
0th Bank of Canada rate increase in 16 months (July 12, 2023)
Next Bank of Canada update coming July 12 (July 7, 2023)
Bank of Canada Deputy Governor draws a crowd in Victoria (June 8, 2023)
Small bank rate increase is still an economic shock (January 25, 2023)
SECTIONS: ECONOMY | FOOD SECURITY