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Conservative leader Pierre Poilievre reacts to new PM and Federal Cabinet

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Mark Carney’s Fourth Liberal Term Will Be Just Like Justin’s

The following is a transcript of the Hon. Pierre Poilievre’s remarks from March 14th, 2025. These remarks have been edited for length. Check against delivery.

I begin by congratulating Justin Trudeau’s economic advisor, Mark Carney, on becoming Prime Minister, only 3 months after he moved his company headquarters out of Canada to New York.

Today, Liberals are trying to trick Canadians into electing them to a fourth term in power with a cabinet that is 87% the same as Trudeau’s cabinet.

100% of this Liberal cabinet served as Trudeau MPs. The same Liberal MPs who voted to hike the carbon tax, double the debt, double food bank line ups and double housing costs. The same Liberals all supported blocking pipelines, LNG plants, and passing the anti-energy law C-69 that has made Canada even more reliant on the United States.

Steven Guilbeault, the radical anti-development activist twice arrested for climbing on buildings and homes to protest our resource sector and who calls himself a socialist, has been promoted to minister responsible for Parks and Nature and minister for Quebec–meaning nothing will get built.

Meanwhile, all of Trudeau’s inner circle—Gerald Butts and Tom Pitfield—are now Carney’s top advisors. His chief of staff is a former Trudeau minister forced to resign for lying about moving Paul Bernardo out of a maximum security prison.

Mark Carney thinks Canadians are stupid. That with a little bit of cosmetic surgery, the Liberals will be able to disguise who they are and make people forget what they did for 10 years. It is the same Liberal gang, with the same Liberal agenda, the same Liberal results and the same Liberal promises as the last ten years, only now they are seeking a 4th term in power.

Carbon Tax Carney also tried the same Carbon Tax Con-job I predicted weeks ago he would do. He announced he will hide the tax for the next two months until after the election is over, when he will bring back a bigger “shadow carbon tax” without any rebate. We know this because for the last 5 years, Carney has advised Trudeau to hike the tax. And recently, he said his new tax would hit steel, cars and other things Canadians need.

It is sneaky.

But it will not work.

Canadians know that over 10 years, the Trudeau-Carney Liberals doubled the debt, doubled housing costs and doubled foodbank line ups. They’ve made us weak facing the Americans.

Giving the Liberals a fourth term will not change any of that.

If you cannot afford food a home after three terms of these Liberals, that will not change with a fourth Liberal term.

If you are worried Canada is drowning in debt and taxes after three terms of these Liberals, that will not change with a fourth Liberal term.

If you are afraid of crime and chaos after three terms of Liberals, it will not change with a fourth term of Liberals.

If you are a senior choosing between heating and eating after 3 Liberal terms, there will not be any change with a fourth Liberal term.

If you are worried that Canada can’t get anything built and is more reliant on the U.S. than ever before, there will not be any change with a fourth Liberal term.

And it certainly won’t change with a conflicted Prime Minister who already sold-out Canada to move its headquarters to the United States only days after Trump threatened tariffs to take our jobs.

Carney puts himself first. Conservatives will put Canada first.

Putting Canada first means cutting bureaucracy and taxes. It means confronting President Trump to his face. Hitting back with counter tariffs. But it also means making Canada stronger at home. We will pass a massive Bring it Home Tax Cut on work, investment, energy, homebuilding and making stuff in Canada. We will reward your hard work with an income tax cut, so you bring home more of each dollar you earn.

We will cut bureaucracy, taxes and debt. We will take the GST off new homes to save you up to $50,000 & incentivize municipalities to speed up permits, free up land and cut development charges. We will axe the carbon tax for everyone forever to bring down energy costs for families and businesses.

We will repeal the Liberal No-New Pipelines Law C-69, and instead grant rapid permission to our companies to build more pipelines, more natural gas exports, more data centers, mines, and other natural resources to bring home powerful paychecks and production to our people.

We will carry out the biggest crackdown on crime, the borders and drugs. We will be self-reliant, sovereign and stand on our own feet. To stand up to the Americans. And stand up for ourselves.

We will reward work, unleash entrepreneurs, harvest our resources, make our own goods, trade with each other, build homes for our youth, rebuild our borders and military, honour history and raise our flag.

And to restore Canada’s promise: where hard work gets you a great life in a beautiful house on a safe street protected by brave troops under a proud flag. In Canada.

Let’s bring it home.

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To increase competition in Canadian banking, mandate and mindset of bank regulators must change

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From the Fraser Institute

By Lawrence L. Schembri and Andrew Spence

Canada’s weak productivity performance is directly related to the lack of competition across many concentrated industries. The high cost of financial services is a key contributor to our lagging living standards because services, such as payments, are essential input to the rest of our economy.

It’s well known that Canada’s banks are expensive and the services that they provide are outdated, especially compared to the banking systems of the United Kingdom and Australia that have better balanced the objectives of stability, competition and efficiency.

Canada’s banks are increasingly being called out by senior federal officials for not embracing new technology that would lower costs and improve productivity and living standards. Peter Rutledge, the Superintendent of Financial Institutions and senior officials at the Bank of Canada, notably Senior Deputy Governor Carolyn Rogers and Deputy Governor Nicolas Vincent, have called for measures to increase competition in the banking system to promote innovation, efficiency and lower prices for financial services.

The recent federal budget proposed several new measures to increase competition in the Canadian banking sector, which are long overdue. As a marker of how uncompetitive the market for financial services has become, the budget proposed direct interventions to reduce and even eliminate some bank service fees. In addition, the budget outlined a requirement to improve price and fee transparency for many transactions so consumers can make informed choices.

In an effort to reduce barriers to new entrants and to growth by smaller banks, the budget also proposed to ease the requirement that small banks include more public ownership in their capital structure.

At long last, the federal government signalled a commitment to (finally) introduce open banking by enacting the long-delayed Consumer Driven Banking Act. Open banking gives consumers full control over who they want to provide them with their financial services needs efficiently and safely. Consumers can then move beyond banks, utilizing technology to access cheaper and more efficient alternative financial service providers.

Open banking has been up and running in many countries around the world to great success. Canada lags far behind the U.K., Australia and Brazil where the presence of open banking has introduced lower prices, better service quality and faster transactions. It has also brought financing to small and medium-sized business who are often shut out of bank lending.

Realizing open banking and its gains requires a new payment mechanism called real time rail. This payment system delivers low-cost and immediate access to nonbank as well as bank financial service providers. Real time rail has been in the works in Canada for over a decade, but progress has been glacial and lags far behind the world’s leaders.

Despite the budget’s welcome backing for open banking, Canada should address the legislative mandates of its most important regulators, requiring them to weigh equally the twin objectives of financial system stability as well as competition and efficiency.

To better balance these objectives, Canada needs to reform its institutional framework to enhance the resilience of the overall banking system so it can absorb an individual bank failure at acceptable cost. This would encourage bank regulators to move away from a rigid “fear of failure” cultural mindset that suppresses competition and efficiency and has held back innovation and progress.

Canada should also reduce the compliance burden imposed on banks by the many and varied regulators to reduce barriers to entry and expansion by domestic and foreign banks. These agencies, including the Office of the Superintendent of Financial Institutions, Financial Consumer Agency of Canada, Financial Transactions and Reports Analysis Centre of Canada, the Canada Deposit Insurance Corporation plus several others, act in largely uncoordinated manner and their duplicative effort greatly increases compliance and reporting costs. While Canada’s large banks are able, because of their market power, to pass those costs through to their customers via higher prices and fees, they also benefit because the heavy compliance burden represents a significant barrier to entry that shelters them from competition.

More fundamental reforms are needed, beyond the measures included in the federal budget, to strengthen the institutional framework and change the regulatory mindset. Such reforms would meaningfully increase competition, efficiency and innovation in the Canadian banking system, simultaneously improving the quality and lowering the cost of financial services, and thus raising productivity and the living standards of Canadians.

Lawrence L. Schembri

Senior Fellow, Fraser Institute

Andrew Spence

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