Trudeau says Canada prepared to handle market instability after Brexit vote
Posted June 24, 2016 7:03 am.
Last Updated June 24, 2016 7:06 am.
This article is more than 5 years old.
OTTAWA, ON. (NEWS 1130) – Prime Minister Justin Trudeau says Canada is well positioned to weather global market uncertainty following the United Kingdom’s dramatic decision to leave the European Union.
Trudeau says Canada will continue to build relations with both the UK and EU as they forge their own new relationship.
The prime minister, Foreign Affairs Minister Stephane Dion, Finance Minister Bill Morneau and former Conservative prime minister Brian Mulroney had all spoken out in favour of Britain remaining in the EU prior to Thursday’s referendum.
The British vote to exit the EU had an immediate impact in the financial world, with the British pound plunging to its lowest level in three decades. The North American markets opened more than 300 points lower, the Dow dropped by more than 400, both losing more than two per cent.
The Canadian dollar also fell 1.18 cents to 77.12 cents U.S.
In commodities, the August contract for crude oil fell US$2.59 to US$47.52 per barrel, while the August contract natural gas fell 3.7 cents to US$2.700 per mmBtu.
British Prime Minister David Cameron, who had led the campaign to keep Britain in the EU, is also resigning, signalling a new leader would be in place by October.
“On behalf of all Canadians, I would like to thank him for being such a close ally and good friend to our country. We wish him well,” says Trudeau.
