Ontario Government Urges Bank of Canada to Lower Interest Rates

The Ontario government has requested the Bank of Canada to reduce interest rates, citing the need to protect jobs amid global economic uncertainties. This request follows the creation of nearly 200,000 jobs in Ontario this year, although recent employment figures indicate a fragile economic recovery.

Minister of Economic Development, Job Creation and Trade, Vic Fedeli, emphasized the importance of lowering interest rates to support job creation. The provincial government is also focused on reducing costs for families and businesses, investing in skills development, and opposing the federal carbon tax.

Additionally, Ontario is investing an extra $100 million in the Invest Ontario Fund to boost emerging industries such as technology, advanced manufacturing, and life sciences. Since its inception in 2020, the fund has attracted $4.1 billion in investments, potentially creating over 4,000 jobs across the province.

Ontario continues to collaborate with U.S. government partners to strengthen trade relationships and explore new opportunities in sectors like energy and electric vehicle manufacturing.