Mr. Speaker, ordinary Canadians want to help the recovery, but if they cannot access short-term credit, it is not going to happen.
Last week the Bank of Canada lowered the prime rate to a record low of 0.5%, but bank customers are not fully benefiting from the lower rates. The banks will not let them.
CIBC customers received notices this month that the rate on their lines of credit are not going down; they are going up a full percentage point.
When will the government tell the banks to stop the gouging and start helping Canada's shrinking middle class?