Mr. Speaker, now that the federal government has tabled its 1995 budget, a tough budget that will suit the wishes of international investors, it is time to get down to the serious business of controlling our financial destiny.
The federal government must instruct the Bank of Canada to bring the effective interest rate down from the present superficially high level. A lower interest rate will result in increased job growth for Canadians. It will greatly assist small and medium sized businesses.
Interest rates should be brought down by at least 2 percentage points. One result of this move would be lower interest payments to foreign investors. Another would be that small and medium sized businesses could afford to borrow money for expansion, thereby creating jobs.
We need a made in Canada interest rate. We have to control our interest rates in order to achieve a balanced budget in the long run.