Ontario Urges Bank of Canada to Lower Interest Rates for Job Protection

The Ontario government has urged the Bank of Canada to reduce interest rates, citing concerns over job protection amid global economic uncertainties. Vic Fedeli, the Minister of Economic Development, Job Creation and Trade, highlighted that while Ontario has created nearly 200,000 jobs this year, the province's economic recovery remains fragile. The government believes that lower interest rates are essential to support job creation and economic stability.

In addition to advocating for interest rate cuts, Ontario is investing in skills development and opposing the federal carbon tax to reduce costs for families and businesses. The province has allocated an additional $100 million to the Invest Ontario Fund, aimed at fostering growth in sectors such as technology, advanced manufacturing, and life sciences. Since its inception in 2020, the fund has attracted $4.1 billion in investments, potentially creating over 4,000 jobs across Ontario.

Ontario is also working with U.S. government partners to strengthen trade relationships and explore new opportunities in energy, electric vehicle manufacturing, and critical mineral development. These efforts are part of a broader strategy to enhance economic ties and protect jobs dependent on open trade between Ontario and the United States.