MNI BRIEF: Carney Keeps Champagne As Canada Finance Minister

Prime Minister Mark Carney kept Francois-Philippe Champagne as Canada’s finance minister following their Liberal Party’s election win April 28, and ahead of a budget due after Parliament re-opens May 26, the government said Tuesday.

Champagne has served since Carney took over from Justin Trudeau. In an earlier role as industry minister Champagne built a reputation for bringing electric vehicle investments, aided by federal subsidies.

The Liberals are just short of a majority in Parliament so while the government could collapse if other parties rejected a budget, opposition leaders don’t intend to force another election now. (MNI INTERVIEW: Carney To Work With Opposition, BQ- Minister)

Carney will run larger deficits than Trudeau to cover pledged tax cuts, meeting the NATO target of spending 2% of GDP on the military, and investments to boost the economy. Carney’s also intends to balance the operating budget within three years without cutting core programs.

Champagne will also play a role in U.S. trade talks and is in charge of dealings with the central bank such as its mandate renewal next year.