The Hon. Pierre Poilievre, Leader of the Conservative Party of Canada and the Official Opposition, released the following statement on the Bank of Canada’s rate hike:
"Today, thanks to JustinFlation, the Bank of Canada hiked interest rates another 0.5%. With this oversized hike, Canadians are paying thousands more for their mortgages, loans, and Justin Trudeau’s debt. Many Canadians are just hanging on by a thread, this hike will push Canadians even further over the edge.
"People are borrowing more to eat, to heat their homes, to put gas in their cars, and to pay their mortgages. Consumer debt was up to $2.32 trillion in Q2 of this year, 8.2% higher than the same time last year. And thanks to Justin Trudeau and his inflationary deficits, all that debt will cost even more.
"Canadians are out of money and Justin Trudeau is out of touch. The cost of government is driving up the cost of living. Justin Trudeau has doubled Canada’s debt and added more debt than all other Canadian Prime Ministers combined. The bill is starting to come due on the most expensive government in our history.
"Our team has a plan to tackle #JustinFlation. We will cap government spending, we will make more energy, food, and homes here, and we will axe the carbon tax. Canadians can’t afford Justin Trudeau and his costly coalition anymore. It’s time to bring “common cents” back to Ottawa."