Lethbridge Herald, The (Newspaper) - August 8, 1973, Lethbridge, Alberta
THE LtTHBRIDGE HERALD Augo.l Trudeau critics tvarm Interest boost 'disastrous' It's a It's either a Cambarous Virillis or a Cambarous Babonti according to zoology texts but to David Rossman his partner in this stare-down is just ancther David found the crawdad at the Jewish Centre Pioneer Camp in during a re- cent outing. By NEIL GILBRIDGE OTTAWA Po'iiical opponents of the Trudeau gov- ernment criticized the Bank of Canada's increase in interest rates today as and and a national con- sumers' spokesman said it will push rising living costs up even further. said Conservative Leader Robert Stanfield. increase is going to move up rates on mortgages and make it more difficult for Canadians to get don't see how .in heaved name it can have any affect on reducing certainly not food said New Demo- crat Leader David Lewis. will make it much more difficult for consumers to ii- nance one of the biggest pur- chases of their commented Maryon president of the llO.CM-rnroibsr Consumers Association of Can- ada. Mr. at a news con- repeated his party's demand for a 90-day freeze on prices and incomes to be fol- lowed by economic controls. He said soaring fcDd prices and the interest rate increase are part of Canada's worsening inflation that rnly controls can very difficult to voider- stand how- ordinary Canadians DAVID LEWIS are getting he said. I The Bank of in a I move dssignsd to curb demand j for loans and dampen inflation. raised its prime interest rate to i banks per cent from 6V1 per cent. I The Royal Bank of i which a'ong with other must pay the higher mediately followed suit by rais- ing interest rate to its prime customers by ons-half of one jper cent to i This is expacted to raise mortgage rates en new home 1 purchases to about 10 psr cent. I seams as if the govern- ment and the Bank of Canada are continuing their disastrous Mr. Lewis said. have increased interest rates by two percentage increase of about 50 per the past four months. It's s disastrous policy which I condemn without reser- increase in the prime rate and mortgage rates will make it much more difficult to finance said Mrs. Bre- chin. food prices are very rising interest rates have also put a consider- able strain on She advised consumers to shop for the best possible inter- est using life insurance or securities as col'ateral where passible to get bans at lass than the general market rates. She also suggested borrowing a from a finance com- pany's advertising to borrow and put off major purchases such as a house UT-'ii interest rates go j down again. I Echoing --Ir. Lewis. Mrs. Bre- chin also said the increase in 1 interest rates will do nothing to ease rising living costs any time soon. isn't going to offer any short-term relief fcr consumers in the she said in a telephone interview from To- ronto. ROBERT STANFIELD Mr. Lewis said the bank-rate increase will raise mortgage and housing interest and repeated his partys1 demand for a law setting home mortgage interest at six par cent with a requirement that financial in- stitutions allot a specific amount of funds to such mort- gages. is no justification for increasing interest rate over-all. It is a blunt instrument whic'i hurts underdeveloped he said. He said the government should also require lower inter-. est rates to such areas as the Atlantic Northern Ontario and other sections of Canada that economic Mr. Lews said the interest In- crease was part of the Trudeau government's policy announced last weak by Finance Minister John Turner to cut government spending in an attempt to re- duce inflationary pressures. government and the Bank of Canada are embarked on the same disastrous policy they used in contracting the he said. 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