Finance Minister Jim Flaherty said Friday he may be preparing some relief for the country's hard-hit manufacturing sector in his next federal budget.
Finance Minister Jim Flaherty responds to a question during Question Period in the House of Commons in Ottawa Thursday.
(Fred Chartrand/Canadian Press)
In a speech to the Greater Oshawa Chamber of Commerce, Flaherty said the rise in the loonie and increased foreign competition have created a "perfect storm" for Canada's manufacturing sector.
He said the manufacturers have asked the government to extend the current plan that allows them to write off investments in equipment over two years.
Flaherty said that "is something we will consider as we prepare the upcoming budget."
Businesses can't expect the Canadian dollar to go back to previous lows under 70 cents US, he added.
Asked after his speech what he plans to do about the current level of the loonie — which is currently just over $1.01 US — Flaherty said "the Bank of Canada has responsibility for monetary policy." He added: "We'll see."
Corrections and Clarifications
- General Motors of Canada Ltd.'s Oshawa operations are not in the Whitby-Oshawa riding of Finance Minister Jim Flaherty, as originally reported. They are located in the adjacent riding of Oshawa. Nov. 26, 2007|3:09 p.m. ET
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