A group of more than 30 prominent business leaders, including CEOs of Fairfax Financial, Canaccord Genuity, RBC Capital Markets, and Scotiabank, have thrown their support behind Pierre Poilievre and the Conservative Party in the upcoming federal election. In an open letter published in Canadian newspapers, the executives argue that Poilievre’s plans are best suited to address Canada’s slowing economic growth and GDP per capita decline. They emphasize the need to eliminate barriers to productivity by streamlining permit processes, cutting outdated regulations, being more disciplined with government spending, lowering taxes, and investing in natural resources like building pipelines and expanding mining. This letter is seen as a significant show of support for Poilievre from the business community.
On the other hand, Poilievre’s competitor, Liberal Mark Carney, has been touting his experience as a leader of central banks in Canada and England as well as his ability to address the country’s economic challenges and tariff threats from U.S. President Donald Trump. The Liberals did not immediately respond to the letter from the business leaders. The Conservatives, however, view this letter as a validation of their platform, particularly the Canada First Economic Action Plan, which aims to lower taxes, eliminate red tape, and create a more thriving economy for Canadians through powerful paycheques and job creation.
Poilievre has detailed his plan to cut bureaucratic red tape by 25% in two years through a “two-for-one” law, which would repeal two regulations for every new one enacted and ensure that any new administrative costs incurred trigger cuts in other areas. Carney, on the other hand, has outlined his own economic proposals, including boosting interprovincial trade by removing exemptions under the Canadian Free Trade Agreement, developing a fund to link natural resource sites with rail lines and roads, and creating new worker training programs. NDP Leader Jagmeet Singh criticized both Poilievre and Carney for giving tax breaks to the ultra-wealthy instead of focusing on addressing the needs of the average Canadian, such as healthcare, housing, and job support.
Overall, the letter of support from business leaders for Pierre Poilievre highlights a significant endorsement for his economic platform from the business community. As the federal election campaign continues, both Poilievre and Carney are focusing on their economic plans and proposals to address Canada’s economic challenges and provide opportunities for Canadians. The contrast in their approaches to economic policy, as well as the criticism from NDP Leader Jagmeet Singh, underscores the importance of economic issues in the upcoming election and the different visions each candidate has for the future of Canada’s economy. The endorsement from prominent business leaders adds a new dimension to the election campaign and underscores the importance of economic growth and prosperity for Canada.
