Finance Minister Chrystia Freeland’s second Fall Economic Statement (FES) was delivered in the House of Commons yesterday as Canada faces significant economic headwinds. Statistics Canada reported in mid-October that the Consumer Price Index rose 6.9 per cent in September year-over-year, essentially the same rate as the previous two months, and that food prices grew by 11.4 per cent, the fastest pace in over 40 years. The fall economic measures total $30.6-billion over six years, with one-third of the spending ($11.1-billion) tied to “making life more affordable.” The “new, targeted” measures, according to the fiscal update “are focused on the Canadians most affected by rising prices.” Some key commitments announced and included in the Budget Implementation Act (Bill C-32) focus on delivering the recommendations in the National Supply Task Force report such as launching a Supply Chains Regulatory Review to improve the efficiency and resiliency of Canada’s supply chains, modernizing cargo and clearance inspection practices, and streamlining operating policies and regulatory practices that impact the flow of goods through international gateways.
