Canada’s government should look at taxing excess profits instead of relying on higher interest rates to bring down inflation, according to the head of the…
Governor Tiff Macklem raised borrowing costs to 4.75% in a surprise move three weeks ago, ending a conditional pledge the bank made in January to pause and assess how more than 400 basis points of tightening in less than a year would impact Canada’s economy. Economists expect another hike in coming months.
In March, Singh made a special appearance at a parliamentary committee to grill the heads of the grocery firms, particularly Loblaw President Galen Weston. He accused the company of making C$1 million a day in excess profits. “How can you look a family in the eyes and tell them that that’s okay?” the NDP leader said at the committee.Article content
The New Democrats signed a power-sharing deal with the governing Liberals last year that could run into 2025. The terms of the deal see Singh’s party backing Trudeau’s in key parliamentary votes in exchange for the government advancing certain social policies.
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