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Home World Canada

Finance minister directs cabinet colleagues to find billions in spending cuts

7 July 2025
in Canada
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Finance minister directs cabinet colleagues to find billions in spending cuts
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Finance Minister François-Philippe Champagne has instructed cabinet members to identify billions in spending cuts, aiming for a 7.5% reduction in the 2026–27 fiscal year, increasing to 15% by 2028–29, while ensuring no cuts to provincial transfers or social programs. This initiative, part of a long-term government transformation led by the Department of Finance, seeks to optimize operations amid rising federal deficits.

Explain It To Me Like I’m 5: Finance Minister François-Philippe Champagne announced plans for significant budget cuts over the next few years to reduce government spending, while ensuring essential services and transfers to provinces remain unaffected.

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