Latest news with #publicinvestment
National Post
2 days ago
- Business
- National Post
Conrad Black: I put in a good word for Canada with Trump. If only Carney could do the same …
Article content The prime minister has admirably agreed to devote five per cent of GDP to national defence, an area that has been scandalously ignored since the retirement of former prime minister Brian Mulroney more than 30 years ago, even if much of that funding can be spent on projects that are only marginally connected to defence. As I've written here and elsewhere ad nauseam for decades, defence is the most economically productive form of public investment as it assists high technology manufacturing and research and the per capita personnel costs are relatively modest, and it is the most efficient adult education opportunity for the members of the Armed Forces. But five per cent of Canadian GDP is over $100 billion in a country overloaded with debt and taxes and running a chronic annual federal deficit. Article content The prime minister is conducting a rather prudish flirtation with pipelines, trying to reconcile the absolute necessity of increasing Canada's national income by satisfying some of the world's raging appetite for our oil and gas with years of his mad green jeremiads and fantasies, producing such inspired nostrums as Carney's concept of the carbon-neutral pipeline, as if it was proposed to deliver rosewater by pipeline to export markets or eastern Canada. There has been no hint of where the prime minister is leaning in budgetary terms but some hard choices are going to have to be made soon. Article content Article content The closest he has come to an executive decision so far is his shameful nonsense of threatening to recognize a Palestinian state run by the corrupt, enfeebled, completely inept, mistrusted and totally unrepresentative Palestinian Authority. It's quavering leader, 89-year-old longtime terrorist supporter Mahmoud Abbas, has made a lot of completely implausible claims of democratizing the bloodstained regime he inherited from Yasser Arafat, which has still not delivered anything of what it promised in the Oslo Accords in 1993, for which Arafat, Yitzhak Rabin and Shimon Peres received the Nobel Peace Prize. The Hamas invasion, massacre and hostage-taking of Oct. 7, 2023, was intended to be, and was received as, an act of war, and Israel has largely won that war. There can be no peace until the Arab leaders in Gaza and the West Bank are prepared to accept the right of Israel to exist as a Jewish state. Hamas uses the civilian population as human shields and steals their food, and Israel has achieved a relatively low ratio for urban counter-guerrilla warfare of civilian-to-terrorist casualties. It was an error to have reduced food imports to Gaza between March and May that has now been corrected, but the Hamas terrorist operation must be exterminated to provide any possibility of peace for the Arabs or the Jews. Carney has done us no favours by tagging along behind the impotent posturing of the French and British, who, ever since the British promised the same territory to the Jews and Arabs at the same time in the Balfour Declaration of 1917, have never had any policy in the region except to await American initiatives and then posture as being better disposed to the Arabs. Article content Article content Mark Carney was elected on a false though imaginatively histrionic premise of imminent national danger from the United States. He took over the government that ran this great and rich country into a ditch of capital outflows, declining relative prosperity, slow growth, an unsustainably large public sector, an almost collapsed health-care system and a state of national defence so anemic we would have trouble fending off an attack from angry Greenlanders. Canada is a treasure house with a talented and motivated population and political institutions that have been generally successful though they're in need of renovation. Carney has been given a great opportunity and a great challenge, and it's almost show time. On his thin record, we are entitled to hope, but also to fear the worst. Article content Article content Article content
CBC
22-07-2025
- Business
- CBC
Nova Scotia's first land-for-housing project opens, 4 years after program launched
The Progressive Conservatives are making the first delivery of a promise made four years ago to turn surplus provincial land into affordable housing. Starting shortly after they were first elected in 2021, the PCs opened several calls for bids on land around the province with the intention of tying an agreement to each sale requiring some degree of affordability. A vacant lot on Circassion Drive in Cole Harbour went to non-profit housing developer Rooted — formerly known as the Dartmouth Non-Profit Housing Society — and was the first land-for-housing project to get underway. The project was recently completed and an 18-unit apartment building started taking tenants this month. Tenants in half the units are paying about 50 per cent below market rates. Eligibility is based on income. "This is smart public investment and we're proud to be delivering on it," said Nick Russell, CEO of Rooted, speaking at a ribbon-cutting event at the site Tuesday. According to property records, the province sold the quarter-hectare lot to Rooted for $720,000. The province said it put $4.5 million into the build, including $1.4 million from provincial coffers and $3.1 million from a federal fund the province manages under Canada's National Housing Strategy. Growth and Development Minister Colton LeBlanc said this case shows the land-for-housing program has been effective. But he acknowledged it's had challenges, pointing to the rising cost of construction and red tape that has to be cut through before building can even get underway. "We want to do more, and more of it faster. And as a government, we will do everything within our control to speed up those opportunities, those processes," he said. CBC News has asked the Department of Growth and Development for an update on the program. As of last year, the Circassion Drive project was the only land-for-housing project under construction, with seven others waiting for approvals. Two projects had dropped out after developers found the land to be unsuitable for development. Old apartment buildings purchased The province and Rooted have also partnered on the purchase of two existing apartment buildings on Gaston Road in Dartmouth, with the aim of keeping rents low in all units — 60 in one building and 24 in the other. Rooted is taking the buildings over from for-profit landlord Vida Living. Rents in the two buildings will be about 50 per cent below market rates. "It's about stability and making sure that those tenants feel comfortable and safe and in their communities," said Russell. Russell said the buildings — one of which was constructed in 1970 and the other in 1983 — need some maintenance and retrofitting. He said no tenants will be asked to leave for the work to happen. Dylan Ward, director of development for Rooted, said acquisition is "one of the most practical, high-impact strategies" for non-profits to expand their portfolios and protect affordable housing stock. He said Rooted is looking to do more of it. "What makes acquisition so powerful is that it removes housing from the speculative market permanently," said Ward. "Non-profit ownership ensures long-term affordability, tenant engagement and building improvements without the pressure to sell or price people out," he added. According to property records, Rooted paid $7.8 million for a 60-unit building and $3.1 million for the 24-unit building. Rooted bought the buildings on Gaston Road and will do some renovations with the help of $11.1 million from the province, including a loan of $8.9 million and $2.2 million in grants.
The Guardian
15-07-2025
- Politics
- The Guardian
The Guardian view on a climate reckoning: an annual address could set a new standard for political accountability
Ed Miliband is a target for the political right; not because he's irrelevant, but because he's effective. The bacon sandwich gags and 'Red Ed' jokes mask a deeper unease: that Mr Miliband, with his dogged insistence on science, public investment and long-term thinking, is right. Now, as energy secretary, he has delivered what he calls an exercise in 'radical truth-telling' and a stark warning to MPs that rejecting climate action is a betrayal of future generations. The language, for once, isn't overblown. It's belated. By highlighting the Met Office's annual State of the UK Climate report, Mr Miliband shows that the hotter, wetter and more arduous future we feared has already arrived. Extremes are becoming the norm: the number of very hot days has quadrupled; in the last 250 years, six of the 10 wettest winter half-years have occurred in the 21st century. Britons experience this in cancelled hospital appointments, flooded homes and hosepipe bans. In parliament, Mr Miliband let the data speak and created a tone of national reckoning rather than moral crusade. He cleverly sought to highlight British leadership on green issues – recasting climate action as a patriotic duty, not piety. By invoking past cross-party progress, he rooted net zero in a governing consensus, not ideology. Crucially, he linked climate and nature as intertwined crises, while signalling to younger voters that action is still possible. The energy secretary is all too aware that public attention is fickle. Climate has slipped down the list of voter priorities. The cost of living dominates the political weather. But, far from making Mr Miliband's intervention ill-timed, the changing public preferences make it essential. Voters may not think of it this way, but tackling global heating is no longer a matter of virtue – it's become the most practical path we have to cheaper fuels, energy security and reducing our dependence on unstable regimes. Reform UK's plan to scrap net zero pledges, while banning onshore wind and solar subsidies, is not just scientifically reckless, it's economically incoherent. But since the election, says the research unit Persuasion UK, Tory voters have been drifting toward Reform's climate stance – turning net zero into a partisan battleground. Labour must understand that its green agenda isn't losing votes. The public don't blame it for high bills or slowing growth. The danger is, if Mr Miliband yields, the narrative will shift from leadership to retreat. Mr Miliband will be judged not just by rhetoric but by delivery – on bills, conservation and oilfields like Rosebank and Jackdaw. He promised to cut energy bills by £300. After ditching zonal pricing, even some allies warn that 'soaring' energy costs are being locked in for years. Campaigners are also wary that, while Mr Miliband defends biodiversity, Labour's planning bill risks degrading habitats. The energy secretary's authority rests on whether he can resist pressure from business interests and the Treasury without blinking on net zero. His speech reads as a principled synthesis of climate and ecological breakdown. But it also reflects a compromise. Mr Miliband promised the Lib Dem MP Roz Savage an annual address to head off a rebellion in January, with Labour MPs ready to back her environmental bill. By turning it into a 'State of the Climate' speech, he has hopefully established a new norm that can deliver political accountability to the generations to come. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.
The Guardian
14-07-2025
- Politics
- The Guardian
The Guardian view on a climate reckoning: an annual address could set a new standard for political accountability
Ed Miliband is a target for the political right; not because he's irrelevant, but because he's effective. The bacon sandwich gags and 'Red Ed' jokes mask a deeper unease: that Mr Miliband, with his dogged insistence on science, public investment and long-term thinking, is right. Now, as energy secretary, he has delivered what he calls an exercise in 'radical truth-telling' and a stark warning to MPs that rejecting climate action is a betrayal of future generations. The language, for once, isn't overblown. It's belated. By highlighting the Met Office's annual State of the UK Climate report, Mr Miliband shows that the hotter, wetter and more arduous future we feared has already arrived. Extremes are becoming the norm: the number of very hot days has quadrupled; in the last 250 years, six of the 10 wettest winter half-years have occurred in the 21st century. Britons experience this in cancelled hospital appointments, flooded homes and hosepipe bans. In parliament, Mr Miliband let the data speak and created a tone of national reckoning rather than moral crusade. He cleverly sought to highlight British leadership on green issues – recasting climate action as a patriotic duty, not piety. By invoking past cross-party progress, he rooted net zero in a governing consensus, not ideology. Crucially, he linked climate and nature as intertwined crises, while signalling to younger voters that action is still possible. The energy secretary is all too aware that public attention is fickle. Climate has slipped down the list of voter priorities. The cost of living dominates the political weather. But, far from making Mr Miliband's intervention ill-timed, the changing public preferences make it essential. Voters may not think of it this way, but tackling global heating is no longer a matter of virtue – it's become the most practical path we have to cheaper fuels, energy security and reducing our dependence on unstable regimes. Reform UK's plan to scrap net zero pledges, while banning onshore wind and solar subsidies, is not just scientifically reckless, it's economically incoherent. But since the election, says the research unit Persuasion UK, Tory voters have been drifting toward Reform's climate stance – turning net zero into a partisan battleground. Labour must understand that its green agenda isn't losing votes. The public don't blame it for high bills or slowing growth. The danger is, if Mr Miliband yields, the narrative will shift from leadership to retreat. Mr Miliband will be judged not just by rhetoric but by delivery – on bills, conservation and oilfields like Rosebank and Jackdaw. He promised to cut energy bills by £300. After ditching zonal pricing, even some allies warn that 'soaring' energy costs are being locked in for years. Campaigners are also wary that, while Mr Miliband defends biodiversity, Labour's planning bill risks degrading habitats. The energy secretary's authority rests on whether he can resist pressure from business interests and the Treasury without blinking on net zero. His speech reads as a principled synthesis of climate and ecological breakdown. But it also reflects a compromise. Mr Miliband promised the Lib Dem MP Roz Savage an annual address to head off a rebellion in January, with Labour MPs ready to back her environmental bill. By turning it into a 'State of the Climate' speech, he has hopefully established a new norm that can deliver political accountability to the generations to come. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.
Reuters
25-06-2025
- Business
- Reuters
Breakingviews - New spendthrift Germany will face reform challenge
BERLIN, June 25 (Reuters Breakingviews) - Friedrich Merz wants to go big and fast. The German chancellor was on Tuesday about to fly to a NATO summit when his government announced, opens new tab that it would not wait for the organisation's mooted deadline of 2032 to take its military budget to 3.5% of GDP. That will be achieved in 2029, Finance Minister Lars Klingbeil announced, alongside a package of public investment the size of which the country had not seen since the onset of the euro in 1999. As big as the plan may be, its success will also hinge on Merz's ability to push through major reforms of the state, as well as to write cheques. It's easy to spend, and to spend big, when your debt is at one of the lowest levels among euro zone countries, at 63% of output, and international creditors are eager to lend. Germany's budget deficit will now reach more than 3.2% of GDP at the end of the current parliament in 2029, and the service of its debt, at a predicted 62 billion euros, will then amount to more than 10% of public spending. The days of thrifty Germany lecturing other euro zone members on the virtues of balanced budgets are over. Besides the accelerated defence buildup, Berlin also decided to increase public investment by more than 50%, to 115 billion euros, as soon as this year. Germany still hasn't adopted a proper budget for 2025, which means that extra spending would have to be disbursed in theory in the last four months of this year. From 2026 to 2029, Germany will keep spending more than 120 billion euros a year on its roads, grid, public housing, education and other public goods. Merz and his coalition partners had agreed back in March that the old fiscal straitjacket known as the debt brake was no longer viable. Yet the speed of his fiscal loosening may surprise. Berenberg economists now expect Germany's output to grow by 1.25% annually once the stimulus kicks in, having shrunk in both 2023 and 2024. The key question is how quickly such a surge in spending can be absorbed by an economy hobbled by archaic regulations, where the federal state shares the power to spend with powerful regions. Merz's list of potential investments is long, including repairing an ailing rail network and digitalising a government apparatus that still uses fax machines. But there is a lack of 'shovel-ready' projects, and he will have to contend with a vast bureaucracy, opens new tab that costs the country nearly 150 billion euros in lost output every year, according to the ifo Institute. Unless the chancellor can make the state more efficient and increase German productivity, his fiscal revolution may only produce a temporary growth spurt or, worse still, end up being buried altogether. Follow Pierre Briancon on Bluesky, opens new tab and LinkedIn, opens new tab.
