Poilievre Says Lack of Budget Sends ‘Bad Signal’ to Investors, Ratings Agencies

Conservative Leader Pierre Poilievre arrives on Parliament Hill for a meeting of the Conservative caucus following the federal election, in Ottawa, on May 6, 2025. The Canadian Press/Justin Tang

Conservative Leader Pierre Poilievre is criticizing the Liberal government for not committing to the delivery of a budget this year, saying the move could spook investors and send a negative message to credit rating agencies.

“It will send a bad signal to investors and ratings agencies, and a lot of people will wonder what the Liberal government is hiding about our finances,” Poilievre told reporters on Parliament Hill on May 15.

Finance Minister François-Philippe Champagne told reporters a day earlier the Liberal government would not deliver a budget when Parliament returns but would instead table a Fall Economic Statement later this year.

Poilievre said his party was “very disappointed” to hear the Liberals would not introduce a budget, saying the document informs Canadians of the size of the country’s debt, gives projections on interest rates and inflation, and determines whether companies will hire or let go of employees.

“Mr. Carney said during the election campaign that he had a plan, and he took great delight in saying that a slogan is not a plan. Well, a budget is a plan,” Poilievre said.  “And if he does indeed have a plan, if he does know what he’s doing, then he would introduce a budget so that Canadians know exactly what the finances are.”

The Conservative leader added that he would be willing to sit down with Prime Minister Mark Carney to “propose Conservative solutions that we hope he will steal” in regards to a potential budget, such as cutting bureaucracy, consultants, and foreign aid, reducing income tax, and “unleashing” Canada’s resources.

“These are ideas that Conservatives are putting forward, but I’m happy to bring them right to the prime minister’s desk and invite him to steal them and put them right in his platform,” he said. “And if he does, then we will help get those passed before Canada Day.”

Credit rating agency FitchRatings has said the Liberals’ spending promises made during the election would “exacerbate already expanding fiscal deficits” and put pressure on Canada’s credit profile, while potentially increasing its 2025 deficit by 0.4 percent of GDP and 2026 deficit by 0.8 percent of GDP.

Champagne defended his government’s decision to not table a budget this year, saying that they are delivering a tax cut, giving the throne speech when Parliament returns, and providing a Fall Economic Statement.

“What I’m saying is that there will be no surprises in that, because we have already [outlined in] pretty much details during the campaign exactly how we’re going to do it,” Champagne said in an interview with CTV News.

He added that by the fall, the government would have a “better assessment of all these external risks that we need to take into account to provide the best picture to Canadians” about the economy.

The Liberals’ costed election platform called for $129 billion in new spending over the next four years, with a focus on what it termed “nation-building” major infrastructure projects as well as different support programs.

Minister of Finance and National Revenue Francois-Philippe Champagne on Parliament Hill in Ottawa on May 14, 2025. The Canadian Press/Justin Tang

Tax Cut

Carney signed a directive for Champagne to get to work on providing a one percent cut to the bottom income tax bracket following a cabinet meeting on May 14. Taxation policies are decided by Parliament, meaning the Liberal government will still need to pass legislation for the tax cut when Parliament returns on May 26.

When asked if he would support the Liberals’ tax cut, Poilievre said he would “have to see what they’re proposing,” but criticized the Liberals for proposing “very small savings for Canadians.” During the election, the Tories proposed a 2.25 percent reduction.

“In our view, any tax cut is a good tax cut, but we always have to remember that there’s a difference between what liberals say and what liberals do,” Poilievre said.

Carney said on April 21 the Liberals’ platform signalled a “fundamentally different approach” to respond to U.S. tariffs he said amounted to “the worst crisis of our lifetimes.” The platform called for increased spending on defence and housing and elimination of the capital gains tax expansion.