Exclusive: Canada's opposition leader to drop pledge to balance budget in two years

By Steve Scherer OTTAWA (Reuters) - Canada's Conservative Party Leader Andrew Scheer on Friday plans to drop a previous pledge to balance the budget within two years if elected, saying Prime Minister Justin Trudeau's Liberal government has made it impossible to do so responsibly. In a speech on his economic policy he will deliver at the Canadian Club in Vancouver, British Columbia, on Friday, Scheer will promise to make a balanced budget part of his platform, but within about five years instead of two

Reuters May 24, 2019 03:06:44 IST
Exclusive: Canada's opposition leader to drop pledge to balance budget in two years

Exclusive Canadas opposition leader to drop pledge to balance budget in two years

By Steve Scherer

OTTAWA (Reuters) - Canada's Conservative Party Leader Andrew Scheer on Friday plans to drop a previous pledge to balance the budget within two years if elected, saying Prime Minister Justin Trudeau's Liberal government has made it impossible to do so responsibly.

In a speech on his economic policy he will deliver at the Canadian Club in Vancouver, British Columbia, on Friday, Scheer will promise to make a balanced budget part of his platform, but within about five years instead of two.

"In the last three years, Trudeau has made an even bigger mess of the budget than I thought possible... All of this has made it impossible for anyone to immediately and responsibly balance the budget," according to the text of the speech seen by Reuters on Thursday.

"Even the most optimistic projections don't have the Liberals balancing the budget for 20 more years ... But if Canadians elect a Conservative government this fall, we will balance the budget in about a quarter of that time," the text reads.

Scheer, 40, is challenging Trudeau in a national election set for October and polls show him holding onto a slight lead. In recent weeks Scheer has started to outline some of his foreign and economic policies.

In 2015, Trudeau promised to balance the budget by this year, which he has not done. But even with the deficit, Canada's net debt-to-GDP ratio is lower than its G7 rivals and debt as a share of output is expected to decline over the coming years from about 31 percent currently.

(Additional reporting by Kelsey Johnson in Toronto; Editing by Chris Reese)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.