Mr. Speaker, I want to congratulate the Minister of Finance for the excellent budget he tabled yesterday. It seems that the money markets were pleased with the resolve the minister showed in his fight against the deficit and their reaction was quick.
Indeed, the Bank of Montreal, the Laurentian Bank and the mouvement des caisses populaires Desjardins have already announced a reduction in their prime rate. In light of this initial reaction we can expect a drop in mortgage rates in the short term, which will contribute to a much needed recovery in the construction industry.
Such good news should reassure Canadian consumers and sustain our present economic growth. Congratulations to our Minister of Finance and to our government for sticking to their commitments.