Hon. Herb Gray (Windsor West):
Mr. Speaker, I rise under the provisions of Standing Order 43. in view of yesterday's admission by the Minister of Finance (Mr. Crosbie) to the House of Commons finance committee that his government's policy of raising interest rates almost in lock-step with United States rates will have depressive effects on the Canadian economy, in view of the fact that this interest rate policy will impose additional costs on Canadian taxpayers, for example because of the higher Canada Savings Bond rates which will have to be paid, and the necessity for substantially greater unemployment insurance and welfare payments, and in view of the Conservative government's promise to bring more openness to the budget-making process, and in particular to make financial forecasts and estimates available to the public, I move, seconded by the hon. member for Notre-Dame-de-Grace (Mr. Allmand):
That this House order the Minister of Finance to issue a directive to the governor of the Bank of Canada to provide to the House the results, in detail, of the Bank of Canada's analysis of the effects of the increases in interest rates since May 22, 1979, on jobs, economic growth, housing and food costs and the number of consumer and small business bankruptcies over the coming year.
Sub-subtopic: INCREASES IN INTEREST RATES-REQUEST CENTRAL BANK PROVIDE REPORT ON ADVERSE EFFECTS ON ECONOMY-MOTION UNDER S.O. 43