Displaying items by tag: Mark Carney

Mark Carney has called a snap federal election for 28 April, aiming to secure a strong mandate amid rising tensions with Donald Trump. A political newcomer and former banker, Carney was sworn in just weeks ago after succeeding Justin Trudeau, who stepped down following internal party strife. The election sets the stage for a fierce contest with Conservative leader Pierre Poilievre, a populist who once led comfortably in the polls. The central issue is who can best defend Canada against Trump’s aggressive rhetoric and trade threats, including proposed tariffs and talk of annexation. Carney accused Trump of seeking to undermine Canadian sovereignty and vowed to build a more secure, self-reliant nation. Poilievre, meanwhile, blamed Liberal policies for Canada’s current vulnerability and called for a nationalist shift in governance. The 37-day campaign is poised to reshape the nation’s future at a critical crossroads. Trump’s actions have infuriated Canadians - and upended their politics.

Mark Carney, prime minister-designate, has expressed willingness to renegotiate a trade deal with Donald Trump, provided Canadian sovereignty is respected. His remarks came as Canada imposed C$29.8 billion (£16 billion) in retaliatory tariffs on US imports after Trump enacted 25% tariffs on steel and aluminium. Trump has justified the move as a national security measure, aiming to bolster domestic industries. However, Carney condemned the tariffs as ‘unjustified’, warning of economic instability. Canada, the largest foreign supplier of these metals to the USA, is heavily impacted. Ottawa’s retaliatory tariffs include steel, aluminium, and other goods, with more measures set to take effect. The Bank of Canada has cut interest rates to 2.75% to cushion the economic fallout. Meanwhile, the EU has taken strong retaliatory measures against Trump’s tariffs coming into effect: see

The Chancellor’s biggest tax package in fifty years has sparked fears within businesses and banking. Also, in an unusually outspoken statement, the IMF (which works to stabilise the global economy, and also funds countries in need of economic rescue) has openly criticised the tax cuts plans, warning that they will likely fuel the cost-of-living crisis by increasing inequality and pushing up prices. While the Government said the measures will kickstart economic growth, markets are raising alarms, plunging the pound to a record low of $1.03 on 26 September. Christians Against Poverty (CAP) says the government's 'short term' economic policy will tip millions more into poverty, and former Bank of England governor Mark Carney accused the Government of ‘undercutting’ key economic institutions. The bank will now buy £65bn government bonds to try to protect pensions.