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Trudeau seeks increased spending to boost Canadian economy | Trudeau seeks increased spending to boost Canadian economy |
(about 1 hour later) | |
Canadian Prime Minster Justin Trudeau's Liberal government has delivered its first budget, hoping to spur the fragile economy with more spending. | Canadian Prime Minster Justin Trudeau's Liberal government has delivered its first budget, hoping to spur the fragile economy with more spending. |
The deficit will hit C$29.4 billion (£16bn) by 2017 and balancing the books could take at least five years, the government projects. | The deficit will hit C$29.4 billion (£16bn) by 2017 and balancing the books could take at least five years, the government projects. |
The budget called is a departure from former the Conservative government's austerity policies. | The budget called is a departure from former the Conservative government's austerity policies. |
Dropping oil prices and currency values have contributed to a weakened economy. | Dropping oil prices and currency values have contributed to a weakened economy. |
"This budget puts people first and delivers the help Canadians need right now," Finance Minister Bill Morneau said, addressing the House of Commons. "It is an essential step in a sustained and strategic effort to restore prosperity and optimism." | "This budget puts people first and delivers the help Canadians need right now," Finance Minister Bill Morneau said, addressing the House of Commons. "It is an essential step in a sustained and strategic effort to restore prosperity and optimism." |
The government aims to spur growth by 0.5% in 2016-17 and by 1.0 percent the next fiscal year. | |
Canada's economy officially came out of recession in December, but high commodity prices remain an issue. | Canada's economy officially came out of recession in December, but high commodity prices remain an issue. |
Mr Morneau said the government will invest in green technology projects and offer tax breaks for energy efficiency. | Mr Morneau said the government will invest in green technology projects and offer tax breaks for energy efficiency. |
"Some believe we must choose between a strong economy and a clean environment. They are simply wrong," he said. | "Some believe we must choose between a strong economy and a clean environment. They are simply wrong," he said. |
Also notable in the budget is C$8.4 billion allocated over five years for the country's aboriginal population, with nearly half the money to be spent on education. The allocation is a significant increase from the Conservative budget under former Prime Minister Stephen Harper. | Also notable in the budget is C$8.4 billion allocated over five years for the country's aboriginal population, with nearly half the money to be spent on education. The allocation is a significant increase from the Conservative budget under former Prime Minister Stephen Harper. |
Mr Trudeau promised during his campaign to improve relations with Canada's indigenous peoples. | Mr Trudeau promised during his campaign to improve relations with Canada's indigenous peoples. |
The government also announced funding to sponsor 10,000 more Syrian refugees, with C$245 million (£132 million) over five years. The government hit its goal of resettling 25,000 Syrian refugees by the end of February. | The government also announced funding to sponsor 10,000 more Syrian refugees, with C$245 million (£132 million) over five years. The government hit its goal of resettling 25,000 Syrian refugees by the end of February. |
"The world saw the best of Canada in our response to this crisis," Mr Morneau said. | "The world saw the best of Canada in our response to this crisis," Mr Morneau said. |
New Democrat Party leader Tom Mulcair said the Liberal budget does not do enough for indigenous children and that "promises are not being kept". | New Democrat Party leader Tom Mulcair said the Liberal budget does not do enough for indigenous children and that "promises are not being kept". |
"Families across Canada are worried about their jobs and struggling to make ends meet - but today's budget told them they would have to wait longer for help," said Mr Mulcair in a statement. "The government missed an opportunity today to really deliver change." | "Families across Canada are worried about their jobs and struggling to make ends meet - but today's budget told them they would have to wait longer for help," said Mr Mulcair in a statement. "The government missed an opportunity today to really deliver change." |
Conservative opposition leader Rona Ambrose said the budget is a "nightmare scenario for taxpayers who will be forced to pick up the tab for today's Liberal spending spree". | Conservative opposition leader Rona Ambrose said the budget is a "nightmare scenario for taxpayers who will be forced to pick up the tab for today's Liberal spending spree". |