Bank of Canada and Governments Must Put Well-Being of Workers and Families First

Canada’s unions welcome today’s Bank of Canada decision not to raise rates further but warned that with so many struggling to get by the Bank must signal an end to rate hikes while governments must act to help families being left behind.  

“We learned last week that our economy is contracting. Statistics Canada reported that our economy went into the negative in quarter two, just like many Canadians’ bank accounts.   Families are being pushed to the brink and more and more workers are living pay cheque to pay cheque, worried about losing their jobs. After 10 rate hikes, today’s decision means the Bank didn’t make an already horrible situation worse,” warned Bea Bruske, President of the Canadian Labour Congress. “As families face huge jumps in mortgage costs and ballooning payments for loans and lines of credit, we urge Governor Macklem to put the well-being of people at the heart of Canada’s monetary policy and signal an end to rate hikes.” 

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