AFP, Ottawa :
Canadian Prime Minister Justin Trudeau’s Liberal government put the brakes on its spending spree in the latest budget released Wednesday, as US policies and EU elections cast a haze over the global economic outlook.
The proposed budget limits new spending to Can$5.7 billion (US$4.3 billion) over six years-about 10 times less than the Liberals’ inaugural budget last year.
While the 2016 fiscal blueprint took Canada back into deficit to try to force an end to years of low growth, this latest budget keeps a tight rein on spending until a clearer picture of US policies and the future of Europe’s single market emerges.
The government did not unveil any big new initiatives in the document.
Rather Finance Minister Bill Morneau appeared content to tinker with the tax regime-consolidating tax credits and subsidies, closing loopholes, and earmarking small sums to study economic and social challenges.
“We’re taking a responsible approach to managing our economy,” Morneau told reporters. “We made sure that every dollar we spend will have an important impact on the economy.”
There are funds allocated for entrepreneurs, for example, to advance quantum technologies, to boost tourism, and for Canada to participate in NASA’s next Mars orbiter mission
Canadian Prime Minister Justin Trudeau’s Liberal government put the brakes on its spending spree in the latest budget released Wednesday, as US policies and EU elections cast a haze over the global economic outlook.
The proposed budget limits new spending to Can$5.7 billion (US$4.3 billion) over six years-about 10 times less than the Liberals’ inaugural budget last year.
While the 2016 fiscal blueprint took Canada back into deficit to try to force an end to years of low growth, this latest budget keeps a tight rein on spending until a clearer picture of US policies and the future of Europe’s single market emerges.
The government did not unveil any big new initiatives in the document.
Rather Finance Minister Bill Morneau appeared content to tinker with the tax regime-consolidating tax credits and subsidies, closing loopholes, and earmarking small sums to study economic and social challenges.
“We’re taking a responsible approach to managing our economy,” Morneau told reporters. “We made sure that every dollar we spend will have an important impact on the economy.”
There are funds allocated for entrepreneurs, for example, to advance quantum technologies, to boost tourism, and for Canada to participate in NASA’s next Mars orbiter mission
