Business leaders doubtful, want “clear agenda” as Carney takes power

Source: CPAC

Canadian business groups are treading cautiously as unelected central banker Mark Carney settles into the Prime Minister’s Office.

Some representatives of Canada’s business community were reserved in their opinions of the incoming prime minister, keenly aware that a likely election was on the horizon, while others worried about what Carney’s policies would look like in practice.

Greater Vancouver Board of Trade spokesman Federico Cerani told True North that the board expects an election soon so Canada can establish a clear economic strategy and response to U.S. tariffs.

“He [Carney] assumes leadership at a time of immense challenges for Canada—amid an escalating trade war from the United States, and against a backdrop of stalled economic growth, low private sector investment, high cost of living, and rising costs of doing business,” said Cerani.

“We anticipate an election in short order. We believe that Canada needs a clear agenda for economic growth and a credible plan to counter the negative impacts of the trade war and additional threats from the United States.”

Catherine Swift of the Coalition of Concerned Manufacturers and Businesses Canada took a more pessimistic view of Carney’s ascent to the prime ministership, pointing to his long history of actively supporting left-wing environmental and social causes.

“As a long-time proponent of policies such as net zero, ESG, hobbling the development of Canada’s natural resources, carbon taxes on consumers and industry, overall high taxes and big government, statements that Carney is currently making to try to distance himself from his own record are not credible,” said Swift.

While Carney has promised to cut the consumer carbon tax, he said he will keep the industrial carbon tax and has made contradictory statements on pipelines.

Swift said that her organization would like to see Canada’s economy become more competitive, including by cutting taxes and red tape on major projects, regardless of government.

“Priorities of the CCMBC for any government include shrinking the size of the federal government and federal spending substantially, eliminating destructive legislation such as the Impact Assessment Act and the proposed emissions cap on the oil and gas sector, building pipelines, getting rid of both the consumer and industrial carbon tax,” said Swift.

However, she expressed little confidence that Carney would pursue such policies as prime minister.

“We don’t believe a Carney government will help private businesses grow and succeed in a free market economy, but will rather continue the current Liberal government’s practice of promoting crony capitalism where favoured businesses are subsidized by tax dollars in a highly regulated, government-controlled marketplace,” said Swift.

The House of Commons is scheduled to return on Mar. 24, however, reports speculate that Carney may call an election before then.