• Canadian Chamber on Bank of Canada Rate & Ombudsperson: 1/18/2018

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    January 18, 2018
     
     
    Yesterday, two important announcements were made that impact the Canadian business community. Please see our reactions below.

    Bank of Canada Interest Rate Increase: The Canadian Chamber Urges Caution 
    Following yesterday’s announcement of a 0.25% increase in the prime lending rate, we urge the Bank of Canada to be cautious about future increases.
     
    While Canada’s economy is strong, we remain concerned about slowing growth as we look ahead in 2018 and into 2019. Further rate increases motivated in part by government policies that drive up the cost of living could negatively impact consumer spending as well as the housing market in Canada.
     
    This would only exacerbate existing challenges facing Canadian businesses, including those that we have consistently identified, such as the need to address the increasing regulatory burden on companies, the uncertainty about the future of NAFTA and other important trade agreements and opportunities, and the persistent lag in business investment across the country.
     
    Click here to read our statement.
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    Canadian Chamber of Commerce’s reaction to the federal government’s announcement regarding the creation of an Independent Canadian Ombudsperson for Responsible Enterprise and a multi-stakeholder advisory board 
    We have been at the forefront of the discussion on Canadian businesses’ social responsibility in Canada and abroad. We believe good conduct is not only ethical but is also a good business practice and an important part of the Canadian brand.
     
    As our members invest in communities and create jobs all over the world, they have implemented numerous stringent initiatives on a variety of issues including business conduct overseas, the duty to consult with Indigenous peoples and reducing emissions to combat climate change. These initiatives have been part of an ongoing conversation led by the Canadian Chamber between businesses and governments.
     
    Following the announcement on the government’s creation of an Independent Canadian Ombudsperson for Responsible Enterprise and a multi-stakeholder advisory board, we continue to support a balanced approach that works for communities, that promotes ethical conduct and that supports the vital contribution that Canadian companies make to local economies worldwide.
     
    We will continue to be engaged on these issues and explore opportunities to participate in and inform the dialogue with governments and with our members.
     
    Click here to read our statement.
     
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    The Canadian Chamber of Commerce
    420-360 Albert Street | Ottawa, ON | K1R 7X7 | 613.238.4000

             
     
     

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