Interest Rates Rise Again | July 13, 2022
Today’s 100 basis point increase in interest rates means more pain on the horizon for Canadians with mortgages.
As Justin Trudeau and his NDP allies continue down their reckless spending agenda, spending more than every previous Canadian Prime Minister combined – he continues to put enormous upward pressure on inflation, leaving the Bank of Canada to make the sharpest interest rate hike in nearly 25 years.
As interest rates continue to climb, the average Canadian household will spend nearly $2000 more in debt payments next year, further eroding purchasing power as the cost-of-living crisis continues to devastate families. Yet, Justin Trudeau and the Liberals continue to ignore the issue, claiming that this is a global phenomenon while refusing to offer any solutions to help Canadians. Canadians can’t afford more of this careless approach.
I will continue to be the voice for Essex and Canadians across this country who are looking for relief from Justin Trudeau’s cost-of-living crisis. The Conservatives will continue to advocate for common-sense solutions that provide immediate relief to Canadians, leaving more money in their pocket and protecting the value of the money that they earn.