Fall economic statement: Here’s what opposition parties are looking for

Click to play video: 'Ottawa prepares to release its economic outlook for the coming months'
Ottawa prepares to release its economic outlook for the coming months
Federal finance minister Chrystia Freeland is preparing to deliver a fiscal update. Global News Morning speaks with Concordia University Economics Professor Moshe Lander about the predicted recession, and how bad it could be. – Oct 29, 2022

Conservatives are calling for federal Liberals to curb new spending and the NDP are raising concerns about a potential recession ahead of the government’s fall fiscal update on Thursday.

Finance Minister Chrystia Freeland will present the fall economic statement on Thursday in the House of Commons, which will shed light on the state of federal finances.

In a letter addressed to Freeland on Sunday, Conservative Leader Pierre Poilievre urged the government not to introduce any new taxes and to refrain from new spending unless it’s making other budgetary cuts.

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New Democrat Leader Jagmeet Singh also wrote a letter to the prime minister, calling on Justin Trudeau to address “corporate greed” and immediately reform the employment insurance program.

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Freeland has said she will be prioritizing fiscal discipline as the Bank of Canada raises interest rates to bring down high inflation

She has warned that the government will not be able to compensate all Canadians for the rising cost of living.

Click to play video: 'Freeland says Canadian, world economies heading toward slowdown'
Freeland says Canadian, world economies heading toward slowdown

While speaking in Windsor, Ont., last month, Freeland said the fiscal update will focus on the economy Canada is trying to “seize” for the future _ one that is heavily focused on clean power, electric vehicles, battery manufacturing and critical minerals.

Interest groups have also been vocal ahead of the fiscal update.

In a news release, the Canadian Chamber of Commerce said “as a growing number of experts predict a slowdown in Canada’s economy, it’s important for the government to use the fall economic statement to set out a clear strategy for growth.”

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The group said it would like to see the federal government help address labour shortages while reforming regulations and avoiding new taxes.

With tightened monetary policy expected to trigger a significant economic slowdown and a potential recession, labour groups are concerned about a potential rise in unemployment.

The National Council of Unemployed Workers is calling on the federal government to include EI reforms in the update.

“We should not wait for the next crisis to fix the social safety net,” a spokesperson for the organization said in a statement.

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