Ontario Premier Doug Ford issued a social media post on Monday saying he had written directly to the central bank's governor Tiff Macklem the day before. He said his plea was necessary because of the toll current rates are taking on the province's families and businesses.
Ford's letter urges Macklem to"consider the effect higher interest rates are having on everyday people" before the bank announces its next interest rate decision on Wednesday. Ford's letter also said Canada's banks are expecting a spike in defaults on loans and mortgages stemming directly from the rate hikes.
"People in B.C. are already hurting,” Eby wrote. “In your role as governor, I urge you to consider the full human impact of rate increases and not further increase rates at this time.” “I think it is critically important to go on the record to point out to the Bank of Canada that Statistics Canada is saying that the biggest driver of inflation in our country right now is rising mortgage rates,” Eby said.
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Ontario Premier Doug Ford asks Bank of Canada to halt rate hikesAnother provincial premier is making a direct appeal to the Bank of Canada to stop raising interest rates.
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