OTTAWA — Canadian Prime Minister Justin Trudeau’s government should avoid new stimulus when it updates its fiscal plans this fall and focus instead on paying…
The reason for caution is clear given the market reaction to Britain’s plan to cut taxes without explaining how to pay for it, analysts said. The pound crashed to a record low against the U.S. dollar and British government bonds tanked.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
So Trudeau may be forced to hold onto an expected revenue windfall, a move that clashes with the government’s recent tendencies.Trudeau spent some C$290 billion in direct aid to individuals and businesses during the COVID-19 pandemic, and promised nearly C$180 billion in stimulus over five years last year. Even in this year’s budget, introduced while inflation soared, he set out nearly C$10 billion in new spending over five years.
The government should “pay down debt so that when there is more capacity to make new investments they are ready to run with it,” Young said.
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