Hon. Yonah Martin (Deputy Leader of the Opposition): My question is for the Government Leader in the Senate.

Last week, the Senate Banking Committee heard from Kevin Page, the former Parliamentary Budget Officer, who told the committee that an expected winter recession will hurt small businesses significantly. In fact, the combination of three factors will hurt small businesses, the backbone of the Canadian economy: a recession, high interest rates and inflation. Those mean higher costs for businesses and less money for consumers.

Mr. Page confirmed this, saying:

. . . That will hurt small businesses significantly because, with these higher interest rates, people will not want to use credit to go out and spend.

This recession will be caused by high interest rates, which are the direct result of the reckless spending by the Liberals. Leader, what is the government’s plan to help small businesses that will suffer in 2023?

Senator Martin: Yes, but on a week we should be celebrating small businesses, the Bank of Canada has announced the worst drop in business outlook since 2020. Many businesses expect slower sales growth as interest rates rise and demand slows. Many think a recession is likely within the year, and fewer businesses are planning to hire. With the central bank’s indicators falling, if the government is still determined to heap more taxes on small businesses, will they at least consider providing some relief by delaying these hikes until the economy improves?