Canadian officials keeping close eye on Brexit vote: Morneau

TORONTO – Finance Minister Bill Morneau says Canadian officials are closely watching the outcome of Britain’s vote on remaining part of the European Union.

READ MORE: Why voters’ ‘flinch factor’ will doom Brexit

Speaking in Toronto today, he says a strong United Kingdom and a strong European Union are best for Canada, and he hopes the so-called Brexit vote will see Britain remain in the EU.

Currency traders have predicted a plunging pound in the event of a British exit, but Morneau says Canada has a “long-term perspective” on the reserves the country holds and he doesn’t believe the volatility is a concern over the long term.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

READ MORE: What’s at stake in Thursday’s Brexit referendum

Morneau says Canada’s Comprehensive Economic and Trade Agreement with the EU would be “lessened” if voters in the U.K. decide to leave.

Prime Minister Justin Trudeau has publicly suggested it would be difficult for Britain to replicate its own version of the Canada-EU free trade deal.

Morneau has said Ottawa estimates it will create about a 20 per cent increase in trade and will deliver a 0.77 per cent annual boost to Canada’s gross domestic product.

WATCH: If Britain votes to leave the leave the E.U. it will have ripple effects on trade and investment in Canada. Tony Tighe talks to the experts and people in Calgary about what might happen.

1:34 Brexit: What a yes vote means for Calgarians