Amazing election in Canada on Monday: The Conservatives and Prime Minister Stephen Harper remained in power, this time with a majority government with a 167 seats. The socialist NPD (New Democrats) recorded its bests results ever, finishing in second with 102 seats and earning the status of official opposition party. The Liberal Party suffered a crushing defeat, down to just 34 seats, and Michael Ignatieff has stepped down as party leader. The Bloc Quebecois was reduced to rump status, with only four seats in Parliament. (National Post has election results.)
The local print edition of The Washington Post had four paragraphs on the bottom of Page A14. Sure, more details emerged about the mission to kill Bin Laden, but four paragraphs? Well, maybe tomorrow.
Anyway, reaction from business follows. We appreciate the solid endorsement Canadian voters gave to domestic and offshore energy development. The Conservatives also campaigned on lower corporate taxes. Hope our own national leaders are paying attention.
Barents Observer.com, “Canadian election results a boost for Arctic sovereignty and offshore oil”
Canada’s focus on Arctic sovereignty and offshore drilling will gain strength now that Canadian voters have given Prime Minister Stephen Harper his long-desired majority Conservative government.
The prime minister held a minority government up until Monday night and has been steadily implementing his party’s Northern Strategy since he was first elected in 2006. The results of the most recent Canadian election give him more power than ever before to pass legislation and pursue plans to to promote mining, offshore drilling and other development projects in Canada’s North.
Financial Post, “Tory win boost for ‘Buy Canada’“:
The Conservative Party’s resounding majority in federal elections on Tuesday should be a big plus for Canadian assets and the economy as corporate tax cuts — the backbone of the party’s platform — remain safe. But Bay Street will want to see real progress on cutting the deficit as the Tories get to work, analysts said on Tuesday.
“Given that many of the Conservatives campaign promises were made contingent on achieving a balanced budget, it…behooves the government to accelerate the deficit reduction where possible – in Ottawa, it is never too early to starting laying the groundwork for the next election just four short years away now,” Mark Chandler, head of Canada fixed income and currency strategy at RBC Dominion Securities, said.
Calgary Herald, “Election results lauded by Calgary’s business leaders“:
[Economic] movers in Calgary are welcoming the Conservative majority, which they say will herald a new era of certainty and stability.
“We need to have a better recognition of our resources as a key driver of the Canadian economy,” said Bruce Graham, president and chief executive of Calgary Economic Development.
- Globe and Mail, “What economists expect from a Tory majority.”
- Financial Post, “Markets likely to cheer Conservative majority“
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