What Canada’s Big Banks Think of Former Banker Carney’s First Budget

Prime Minister Mark Carney holds up a copy of Budget 2025 as he and Minister of Finance and National Revenue François-Philippe Champagne make their way to the House of Commons for the tabling of the federal budget on Parliament Hill in Ottawa on Nov. 4, 2025. The Canadian Press/Justin Tang

Economists from Canada’s major banks have been combing through the Liberals’ budget and some are cautiously optimistic that it’s an improvement compared to recent budgets, while noting that execution will be key in delivering results.

Prime Minister Mark Carney, a former banker at Goldman Sachs and previous head of the central banks of Canada and the United Kingdom, tabled his first budget on Nov. 4 after taking office in March.