Minister Morneau Highlights Canada’s Fiscal Plan and Long-Term Growth Strategy to International Financial Leaders
April 1, 2016 – London, United Kingdom – Department of Finance
Finance Minister Bill Morneau today spoke with members of London’s financial sector about the Government’s approach to revitalizing the Canadian economy and the benefits of growing the middle class.
At his third international event following the release of the 2016 federal budget, Minister Morneau spoke at the Thomson Reuters Newsmakers Outreach Event. Present at the function were many key members of the City’s financial sector, who listened to the Minister outline the Government’s vision to make Canada a global innovation leader. This vision includes improving opportunities for the country’s creative entrepreneurs and innovative companies to grow their businesses and enter global markets.
The Minister highlighted the Government’s efforts to grow the middle class through tax cuts announced in December 2015 and through the proposed Canada Child Benefit. These measures will put more money in the pockets of 9 out of 10 Canadians. When combined with strategic long-term investments in infrastructure that take advantage of Canada’s enviably low net debt-to-GDP (gross domestic product) ratio, it is clear that now is the time to create a better future for this and future generations.
The recent budget announced investments of $11.9 billion over the next five years to improve public transit and water and wastewater systems, provide affordable housing, and protect existing infrastructure from the effects of climate change.
The Minister also participated in discussions at a luncheon at Canada House, as well as a dinner with representatives of Canadian banks and pension funds.
“There has never been a better time to invest in Canada. Through Budget 2016, the Government is investing in a future where our children and grandchildren can be confident they will inherit a country even greater than the one their parents made.”
- Bill Morneau, Minister of Finance
- Canada has the lowest net debt-to-GDP ratio of any G7 country, and interest rates are at historic lows.
- Through investments totalling $50 billion over the next six years—and the middle class tax cut introduced in December 2015—Budget 2016 will help raise the level of real GDP over the next two years by generating about $18 billion in new economic activity.
- Budget 2016: Growing the Middle Class
- Video of Minister Morneau at the Thomson Reuters Newsmakers Outreach Event in London
Office of the Minister of Finance
Department of Finance