The PM was finally present for the first time in two weeks, and all of the other leaders were present. Pierre Poilievre led off in French, and he blamed “out of control” government spending for rising inflation which is why the Bank of Canada raised interest rates, which is not what the Bank said at all. Mark Carney thanked him for that lesson on monetary policy and pointed to the Bank’s statement that the inflationary factors were coming from outside Canada, and then pointed to projected growth rates. Poilievre insisted that this as an admission that Carney’s policies caused inflation, and that Canadians are the most indebted in the G7, so they would suffer under higher rates. Carney said they needed to reconcile the discrepancies between their statements, and repeated the Growth projections. Poilievre switched to English to repeat his same pronouncement that government spending and deficits were fuelling inflation, and that was the reason rates were rising. Carney repeated that the Bank was clear the causes were global and he cited the various cuts his government has made to spending. Poilievre again proclaimed the falsehood that spending was driving inflation, and Carney repeated the levels of his cuts. Poilievre selectively cited the Bank’s statement and blamed the clean fuel standard, and Carney again pointed out that the Bank’s statements were all on the record, and spoke about the price of diesel. Poilievre again insisted that Carney was out of touch, listed food banks and housing reports, and railed about affordability. Carney responded by listing measures for Canadians that Poilievre voted against.
Poilievre is blaming government spending on the inflation that raises interest rates. The Bank of Canada was clear that this is because of global forces, especially gas prices. Too bad Carney can’t spell that out. #QP
— Dale Smith (@journodale.bsky.social) 2026-10-28T18:36:00.472Z
Yves-François Blanchet led for the Bloc, and noted that while Carney was hosting the Crown Prince of Abu Dhabi while the UAE funds the conflict in Sudan, and compared this to the premier of Quebec not being allowed to speak at the EU summit. Carney noted that he gave PSPP a chance to greet the dignitaries and to sit at his table. Blanchet listed other countries with human rights abuses Carney was doing business with but wouldn’t deal with PSPP. Carney insisted they were doing business and raising issues. Blanchet started off on the wrong question, stopped, and restarted by demanding PSPP be allowed to speak at the summit. Carney said that the Quebec delegation already had four meetings, and that this was just the beginning of talks.