Mr. Speaker, I do not smoke.
The Minister of Finance has come up with a unique explanation of the failures of the previous government. He is the first one to explain that the Tories had standards that were just too high.
Today interest rates went up, the bank rate went up to 8.38 per cent, the highest level since this government took office. This is with increased warnings from not just Moody's but now Wood Gundy, Dominion Bond Rating Service and others that the targets are not adequate.
Will the minister not admit that the markets are already saying that with this government's targets Canadians will pay millions of dollars more a year on higher interest rates, higher borrowing and higher mortgage costs?