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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI: Canada July Budget Deficit CAD3.9B Vs CAD10.9B Yr Earlier
Canada's budget deficit narrowed to CAD3.9 billion in July from CAD10.9 billion a year earlier as a major Covid income support program ended, continuing the surprisingly strong run of finances amid one of the fastest growth rebounds among developed economies.
Revenues jumped 20% the finance department said Friday while program spending fell 4.8%. Spending on the "Canada Recovery Benefit" dropped CAD2.5 billion and employment insurance payouts fell 59% or by CAD2.2 billion as the job market rebounded. The government also has CAD107 billion of cash on the books, though some of that could be used for legal claims or increased military or health costs.
The fiscal improvement was moderated as new spending came online. Seniors' benefits climbed CAD700 million after recent expansion of coverage and because other payouts are linked to inflation. Public debt charges rose 57% or CAD1.1 billion.
For the fiscal year that began in April there was a CAD6.3 billion surplus versus a previous deficit of CAD47.3 billion. The budget presented in April forecast a CAD52.8 billion deficit this fiscal year. Finance Minister Chrystia Freeland spent more than half the economic windfall and former top federal cabinet adviser Kevin Lynch told MNI fiscal policy should be tightened fast.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.