News
Ottawa
Canada unveiled a C$101.4bn (£58bn) budget this week, with finance minister Chrystia Freeland (pictured) vowing to “heal the economic wounds left by the Covid-19 recession”, says Al Jazeera. Over the next three years half the money will be spent on a new programme to help companies start hiring again and extending coronavirus recovery measures such as wage and rent subsidies; another C$30bn ($ 17bn) will be spread out over five years to set up a nationwide childcare system. Freeland promised “more restrained” spending when the pandemic is under control. The budget deficit in the year ending 31 March 2021 was worth 16% of GDP (it will be about half that this fiscal year) and the overall debt pile has eclipsed 50% of GDP, still one of the lowest figures among rich economies. The budget also allocated money to interest-free loans for homeowners
