FT: Canada unveils federal budget to end ‘Covid recession’

Hildenbrand / MSC, CC BY 3.0 DE via Wikimedia Commons

Canada’s finance minister Chrystia Freeland delivered the Liberal government’s first budget since 2019, vowing to “punch our way out of the Covid recession” with C$101bn (US$81bn) in spending over three years.

“This budget is about finishing the fight against Covid,” she said during her budget speech, which she delivered to a nearly empty parliament with Prime Minister Justin Trudeau seated nearby. “Our country cannot prosper if we leave hundreds of thousands behind.”

In drafting the budget, Freeland said the government drew motivation from mistakes some countries made in the wake of the 2008-09 recession, which showed “the cost of allowing economic hardship to fester”.

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