Ottawa, January 17, 2018 – Following today’s announcement of a 0.25 per cent increase in the prime lending rate, the Canadian Chamber of Commerce urges the Bank of Canada to be cautious about future increases.
While Canada’s economy is strong, we remain concerned about slowing growth as we look ahead in 2018 and into 2019. Further rate increases motivated in part by government policies that drive up the cost of living could negatively impact consumer spending, as well as the housing market in Canada.
This would only exacerbate existing challenges facing Canadian businesses, including those that the Canadian Chamber has consistently identified, such as the need to address the increasing regulatory burden on companies, the uncertainty about the future of NAFTA and other important trade agreements and opportunities, and the persistent lag in business investment across the country.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.
Guillaum W. Dubreuil
Senior Director, Public Affairs and Media Relations