South Niagara Chambers of Commerce wants Tiff Macklem to hear what raising the interest rate is doing to businesses
The Bank of Canada Governor has been invited to the Niagara Region by the South Niagara Chambers of Commerce Executive Director.
Dolores Fabiano says if there is one thing she could say to Tiff Macklem, after the Central Bank raised its key interest rate to 5% on Tuesday, it would be "come out here and talk to our small business owners".
"Sometimes it's easy to make a decision that looks great in theory... we're going to do this because, logically, this will trigger this and this is what's going to happen... But you need to talk to the people who are living it everyday," she says.
She adds Governor Macklem needs to understand what impact raising rates has on everyday decisions for people.
She also says many local business owners are visibly upset, with the increase forcing a shift in the way businesses operate, especially since during the pandemic. "The idea of competition within our businesses is no longer a thing. We really all need to work together to support each other... we need to support our local businesses, as best we can while they're still here."
She adds this rate hike makes the prospect of working harder and later into the day more challenging.
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