Conservative Leader Pierre Poilievre requested the auditor general conduct an audit on the Bank of Canada. .“It’s time to clear the way for the auditor general to audit the central bank,” said Poilievre in a Thursday email. .The Bank of Canada operated with the mandate to keep inflation at 2% for 25 years. This mandate lasted until Prime Minister Justin Trudeau asked the Bank of Canada to double the debt to pay for government spending. .Instead of creating more cash, the email said Poilievre will produce more of what it buys. .Poilievre said Canada has to grow more food, build more houses, and produce more natural resources. He said the Canadian government needs “to cap government spending, remove the gatekeepers, and eliminate all unnecessary taxation and over-regulation — freeing our people to work, build, and thrive.”.The email said Conservatives will demand the Bank of Canada is held accountable for its money printing that's flooded the Canadian economy and caused inflation. .Inflation in Canada was at 6.9% on a year-over-year basis in September, down from a 7% gain in August, according to October 19 data from Statistics Canada. .READ MORE: Inflation in Canada falls to 6.9% in September.Excluding food and energy, prices rose 5.4% year over year in September, following a gain of 5.3% in August. Prices for durable goods, such as furniture and passenger vehicles, grew at a faster pace in September compared with August..Grocery store item prices grew by 11.4% in September, rising at the fastest pace since 1981. The prices increased because of unfavourable weather, higher prices for important inputs such as fertilizer and natural gas, and geopolitical instability related to the Russian invasion of Ukraine..Poilievre said Conservatives will “ensure the value of Canadians' hard-earned money is protected from this unacceptable abuse, and that it never happens again.” .“It’s time to restore the Canadian promise that hard work pays off,” he said. .“That starts with ensuring a transparent and accountable central bank.” .University of British Columbia economics professor Michael Devereux criticized Poilievre in March for vowing to fire the Bank of Canada governor. .READ MORE: UBC economics prof with 'many connections' to central banks blasts Poilievre.“It is outrageous a potential prime minister of Canada could make such a threat to an independent institution which is so central to the proper functioning of the Canadian economy,” said Devereux. .“Central bank independence is a critical requirement for a successful economy in the modern world.” .Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
