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Rate hike bad idea, premier tells bank

Canada’s economic recovery is still fragile and its leaders should be careful about doing anything that would increase expenses or drive up costs, Premier Dalton McGuinty said yesterday.

Canada’s economic recovery is still fragile and its leaders should be careful about doing anything that would increase expenses or drive up costs, Premier Dalton McGuinty said yesterday.

“My advice to the Bank of Canada is: Just no more interest rate hikes — not at this point in time,” he said.

The premier, who rarely wades into monetary policy, urged the central bank to put the brakes on any further hikes amid fears the United States may slip into a double-dip recession.

McGuinty made the remarks from a Toronto elementary school where he was promoting a new expense for Ontario: Full-day kindergarten for four- and five-year-olds.

The self-described education premier announced plans last fall to forge ahead with the costly project despite the economic downturn and warnings of a record-setting deficit.

 
 
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