By Canadian Press

Freeland says budget needs to focus on economic growth, be mindful of high inflation

Jan 31, 2022 | 3:54 PM

OTTAWA — Finance Minister Chrystia Freeland says making homes more affordable to buy and boosting the country’s economic potential will be key considerations in this year’s federal budget.

Freeland laid out the broad strokes of the spending plan as she launched the government’s pre-budget consultations that will run until late February.

During a late afternoon news conference, Freeland said she thinks the budget should place a priority on making Canada more competitive and innovative, and fund a transition to a green economy.

She also says the Liberals must keep in mind the effects the budget could have on already high inflation rates in an economy that is entering 2022 on strong footing.

The Bank of Canada said last week the economy overall appears to have hit its productive capacity, leading to a scenario where too much government stimulus could boost consumer spending and add to inflation strains.

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The Finance Department is projecting the deficit in the next fiscal year to hit $58.4 billion, down from the $144.5 billion for the year ending March 31, but that doesn’t include any spending promises the Liberals made on the campaign trail.

This report by The Canadian Press was first published Jan. 31, 2022.

The Canadian Press