Premier Andrew Furey has written the Bank of Canada ahead of its next decision on interest rate hikes.
The new rate comes down late this morning.
In a letter to Tiff Macklem, Governor of the Bank of Canada, Premier Furey joins calls by the Premiers of BC and Ontario, asking for the bank to more fully consider the negative impacts of continued rate increases.
Furey says many are already struggling to make ends meet, and continued interest rate increases are adding to the growing pressures.
(Bank of Canada Governor Tiff Macklem. Image via CPAC)
The negative impacts are affecting those with mortgages, aspiring first-time home buyers, those in the rental market, students, seniors, families and businesses.
The Premier is asking that there be no further rate increases at this time. Instead, he says alternatives and new approaches to improving affordability and inflation that are not to the detriment of Canadians are “desperately needed.”
He’s urging the Bank of Canada to work with the Premiers on possible ways forward that provide relief to people, while also building the foundation for a stronger economy.
As Premier of Newfoundland and Labrador, I assure you that your government is constantly seized with the high cost of living, and how decisions made in other places affect you. I am asking the Bank of Canada not to hike interest rates again – it is simply not the answer. pic.twitter.com/HDb1fX5B5T
— Premier of NL (@PremierofNL) September 5, 2023
