|
TORONTO – The Bank of Canada’s move to drive interest rates higher threatens to accelerate the destruction of good manufacturing jobs, United Steelworkers’ (USW) National Director Ken Neumann said Tuesday.
“Higher interest rates are likely to accelerate the rise of the Canadian dollar, which has already been a major factor in wiping out more than a quarter million manufacturing jobs in this country,” Neumann said.
“The Bank of Canada is letting an unbalanced fear of possible inflation outweigh the country’s broader interests in a vibrant economy. Canada needs a smart strategy combining lower interest rates, a stable currency and strong policy support for new and existing manufacturing to ensure a prosperous future.
”Those who claim that the loss of manufacturing jobs does not have a significant impact on the economy are not living in the real world of unemployment, lower standard of living and devastation experienced by many communities across this country.”
The USW and other unions have been campaigning to pressure the federal and provincial governments to adopt policies to save and promote jobs in the manufacturing and forestry sectors.
-30-
CONTACT: Ken Neumann 416.487.1571/416.558.2510; Ken Delaney, 416.487.1571
|
NEWS RELEASES
