Carney explains decision to join liberals but remains quiet on future in politics

September 10, 2024 TruthUSA

In explaining his decision to assist the Liberal Party at this juncture, former Bank of Canada governor Mark Carney stated that he could not refuse a request from the prime minister.

The Liberal Party announced on Sept. 9 that Carney would serve as chair of Justin Trudeau’s task force on economic growth ahead of the next election. This new role is a party appointment, distinct from a government position.

Carney spoke to reporters on Sept. 10 after addressing the Liberal caucus meeting during its retreat in Nanaimo, B.C.

When questioned about why he chose to assist the Liberals at this particular time, considering the party’s recent setbacks and trailing position behind the Tories in the polls, Carney said he adheres to a “couple of simple rules.”

“One, if a prime minister of Canada asked me to do something, I will do it,” he said. “I will serve to the best of my ability.”

Trudeau mentioned in July that he had been attempting to persuade Carney to enter federal politics “for years.”

Carney has previously not denied being interested in running for Liberal party leader but he dodged questions about his political future and whether he intends to run in an election.

“The story for today and the tasks that I’ve taken on—it’s a big task, it’s an important task—but I’m the catalyst in a much broader effort,” he said.

Carney mentioned that his second reason for accepting the advisor role is his expertise in economic matters and his desire to assist Canada in growing its economy.

Liberal ministers have highlighted Canada’s economic robustness and commended the Bank of Canada’s policy rate reduction as a positive indicator that inflation is under control and their economic strategies are effective.

Concurrently, Treasury Board President Anita Anand announced in late August that her government was establishing a working group to address productivity issues and GDP per capita, which has significantly lagged behind the U.S. over the past decade, with a disparity of over US$30,000.

Carney served as the head of Canada’s central bank from 2008 to 2013, and as the governor of the Bank of England from 2013 to 2020. Presently, he chairs Brookfield Asset Management and heads Transition Investing, in addition to serving as the United Nations Special Envoy for Climate Change and Finance.

Carney’s economic perspective and current work focus on transitioning away from hydrocarbons, aligning with policies implemented by the Liberal government.

“Every major economy is accelerating their energy transition and being low carbon is becoming a key driver of competitiveness,” he stated.

Carney expressed that becoming a low carbon economy will be crucial in determining Canada’s access to significant markets like the U.S. or Europe for selling its goods.

Carney made these remarks after being asked if he would advise the Liberals to make modifications to the carbon tax. He stated before a Senate committee in May that the carbon tax, or fuel charge, has served a purpose thus far and that there is always room for improvement.

The carbon tax applies to various hydrocarbons and currently adds over 17 cents per liter of gasoline in certain provinces and territories, with the rate projected to exceed 37 cents per liter by 2030. This tax has been a contentious issue between the Liberals and the Conservatives, who are aiming to repeal it.

Several ministers expressed their support for Carney joining the Liberal team during the caucus retreat.

“Mark is a longstanding personal friend,” said Finance Minister Chrystia Freeland. “He’s someone I frequently consult with on economic policy matters since becoming finance minister.”

Foreign Affairs Minister Mélanie Joly described Carney’s assistance with economic issues as “good news.”

Trudeau and the Liberals are seeking positive developments following setbacks over the summer, including losing a key riding in Toronto to the Tories and the NDP withdrawing from an agreement to support their minority government.

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