Royal Bank of Canada CEO Dave McKay warns that the flow of investment capital to the US from Canada must be stopped.
The damage from Justin Trudeau’s economic policies continue to spread.
Now, the CEO of Royal Bank of Canada Dave McKay is warning about investment capital heading out of Canada towards the United States.
According to a recent report, “McKay told The Canadian Press that a “significant” investment exodus to the U.S. is already underway, especially in the energy and clean-technology sectors. The flight of capital, McKay added, will likely be followed by a loss of talent, which means the next generation of engineers, problem solvers and intellectual property could be created not north of the border, but south of it instead.”
A key area of concern is Canada’s weakening competitive position compared to the United States, especially after big tax cuts in the US, which the government is doing nothing about – with serious consequences:
“We would certainly encourage the federal government to look at these issues because, in real time, we’re seeing capital flow out of the country,” said McKay.
In carefully corporate way, McKay subtly pointed out that while the government keeps going around the world saying how great a place Canada is for investment, “if we don’t keep the capital here, we can’t keep the people here.” (AKA all the virtue-signalling on ‘diversity is strength’ is meaningless when people won’t do business in our country.)
Budget 2018 was a total failure
The 2018 budget was a chance for the Trudeau government to adjust to the new competitive environment. They could have eliminated the carbon tax, cut regulations, and reduced taxes for middle-class and low-income Canadians.
Instead, the budget talked a bunch about gender and diversity – talk that has already been forgotten as investment keeps heading out the door. And yet, despite the rising number of warnings about our nations declining economic situation, the Trudeau government keeps doubling down on their horrendous economic policies, and our whole country is going to pay the price.
Photo – YouTube