The hon. member.
House of Commons Hansard #27 of the 43rd Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was ndp.
House of Commons Hansard #27 of the 43rd Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was ndp.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, the federal government is dependent on the printing presses over at the Bank of Canada. How much has the Government of Canada borrowed from the Bank of Canada this year?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, it represents a profound misunderstanding of how the Canadian economy or any other economy works to suggest that there is some kind of questionable relationship between our government and the Bank of Canada.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, if it was not questionable, she would be willing to talk about it out in the open. I asked how much the Bank of Canada has printed to pay for the government's debts. It is just a mathematical question that should be publicly available. Why is the minister hiding it?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I am not hiding anything. What I am doing is two things. One, I am being very clear. This is important for markets, it is important for Canadians and it is important for our Bank of Canada. I will stand here all night long defending the independence, the propriety and the fine judgment of the people in the Bank of—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she will not tell the people of Canada how much of their money is being debased to fund her government's spending.
I will ask one last time, and then we will know that she will not answer and she is covering it up. How much of the debt of the Government of Canada has been financed through printing by the Bank of Canada this year?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, it is profoundly irresponsible of the member opposite to suggest that a finance minister defending the independence of the Bank of Canada is “covering up” something. That is not how we do things in Canada.
I am happy for members here to ask questions about our programs. I am happy for members here to ask questions about our—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, I do not think the minister has given a single number with regard to any of these questions. I do not know why that is. If it is because she believes that Canadians do not have the right to know, she should just say so.
She will not tell us the limits on the debt. She will not tell us how much the Bank of Canada has printed to fund her government's debt. She will not tell us whether the debt will be paid back before interest rates rise.
Is there anything, mathematical or numerical, about our debt that anyone on the government side can share with the Canadian taxpayers, who will have to repay that debt?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me say a couple of numerical and mathematical things for the member opposite.
The first is that the debt service charges, as a share of GDP, that Canada is paying today are the lowest in 100 years. Notwithstanding the very considerable support we have given the economy so far, the debt service charges are the lowest in 100 years. That is a very—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, we are getting somewhere now.
How much would they go up in cost if interest rates rose just 1%?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me share another very important number with the member opposite. Seventy-six per cent of COVID-19 job losses recovered in Canada—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, again, the minister cannot even tell us what it would cost Canadian taxpayers for interest rates to go up just 1%, which would still be far below the historical average. Why is she so afraid to give that number?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I am not afraid of much, and I would like the member opposite to come clean with Canadians. The Conservatives need to decide if they are the party of austerity or they believe in supporting Canadians through this crisis.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, we believe in supporting Canadians through this crisis. I can answer a question; now let us see if she can try. That is how it is done.
A 1% increase in interest would cost the Canadian taxpayers how much?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me share one motto I had during the NAFTA negotiations. It is a motto that has served us very well. I believe that engaging in hypothetical speculation is never appropriate for a minister of the Crown.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, does she think it is hypothetical speculation that someday interest rates could go up 1%? Is she telling us that she does not plan for that scenario?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as I said in my speech last week, and as I have said a number of times this evening, we will be sharing detailed fiscal projections in the fall economic statement. That is not for tonight.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she claims the Bank of Canada is independent, but she also claims she is going to ban the bank from ever raising interest rates, even one percentage point. If she is not going to ban them from doing it, how is she going to stop them from ever raising interest rates?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, it is highly inappropriate to put words in the mouth of any minister, especially the finance minister, suggesting that there is any form of coercion over our independent central bank.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she has now admitted that the bank could raise interest rates in the future. We are back to where we started.
How much would it cost if it raised them just 1%?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as I said, it is highly inappropriate that the member said, not insinuated, that our government would in some way coerce the—