NDP says UCP must help families fight inflation amid rising interest rates

Jul 13, 2022 | 1:12 PM

With a one per cent hike in interest rates announced by the Bank of Canada on Wednesday, Alberta’s NDP is calling on the UCP government to act immediately to put more money back in the pockets of Alberta families.

The rate hike now puts interest rates at 2.5 per cent – the biggest one-time increase since 1998. The Opposition acknowledges that the move comes in response to rising inflation, which recently reached 7.7 per cent, the highest in almost 40 years. Economist Trevor Tombe says the pressure on the average family equals $400 in new expenses every month.

According to a recent Ipsos poll conducted for accounting firm MNP Inc, Albertans are “more likely to say they are already feeling the effects of interest rate increases, they are concerned about their ability to repay debts as interest rates rise, and if interest rates go up much more, they will be in financial trouble.”

“This is a crisis that is getting more serious every single day. Alberta families trying to make the mortgage payment deserve better than a paralyzed government that’s only focused on fighting amongst themselves,” said Kathleen Ganley, MLA for Calgary-Mountain View.

“I am here to tell this UCP government to get their priorities straight because right now, there are easy actions they can take to ensure people keep more of their hard-earned income so Albertans can put food on the table, keep the lights on, and breathe a little easier.”

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Alberta’s NDP is calling on the UCP government to act immediately to inflation-proof Alberta’s tax system by re-indexing the personal income tax exemption and benefit programs.

The Opposition says their analysis shows this would ensure the average family of four receives $350 more from tax returns and the Child and Family Benefit, while seniors would receive $400 more from the Seniors Benefit and Albertans receiving Assured Income for the Severely Handicapped (AISH) receive $1,500 more.

The NDP also called for the government to halt all UCP policies that increase the cost of living, including changes to student tuition, student debt interest, car insurance premiums, and more.

“Many UCP MLAs are here in Calgary for the Stampede which means Jason Kenney could easily call a meeting today and take real action to help make life more affordable,” said Ganley.

“The question is: why won’t he?”

by rdnewsNOW Staff

NDP says UCP must help families fight inflation amid rising interest rates

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