A millionaire business leader and former pension executive is set to helm one of the most important cabinet roles in Canadian government.
Rookie politician Bill Morneau was sought out by Prime Minister Justin Trudeau to run for the Liberals in the Oct. 19 federal election.
Morneau may be a newcomer to Parliament Hill, but he is no stranger to Bay Street, where, as executive chair of Morneau Shepell, he led one of the largest human resources services organizations in the country. He is also a past member of Ontario’s Pension Advisory Council.
As manager of the government purse, Morneau’s first item of fiscal business will be implementing one of Trudeau’s most ambitious election promises: a tax cut aimed at Canadian middle-class families. The Liberals have also promised to do away with income-splitting for families, a policy brought in by the Harper Conservatives earlier this year.
Andrew Pyle, a wealth adviser with ScotiaMcLeod, said Morneau will need to move “very quickly” on the promised tax breaks.
“The quicker they get the budget on the table, the better, because there’s going to be a lot of details they’re going to have to hash through,” Pyle told CTV’s News Channel on Wednesday.
Morneau is also tasked with guiding government finances through lagging oil prices and an uncertain Canadian economy. In the months leading up to the federal election, Canada’s Gross Domestic Product contracted, leading economists to suggest that the country was in a technical recession.
Noting that Canada’s economy is currently dealing with “severe challenges,” Pyle said some were surprised by Trudeau’s choice of a rookie politician.
“I think a lot of people in the market were surprised we went with a finance minister that doesn’t really have the same political background that we’ve seen from finance ministers in the past,” Pyle said.
As finance minister, Morneau will also be required to respond to regional fiscal needs. Trudeau has promised to help Ontario Premier Kathleen Wynne implement the province’s new pension plan.
The Quebec government, which is set to provide $1 billion to help Bombardier with its commercial jet program, is already calling on the newly formed federal government to help with the bailout.
A married father of four, Morneau has lived most his life in Toronto. As a Member of Parliament, he represents the riding of Toronto Centre.
He holds a bachelor’s degree from Western University, a master’s degree from the London School of Economics, and an MBA from the European Institute for Business Administration.
Morneau has also been involved in humanitarian and foreign aid issues. He helped found a school for Somali and Sudanese youth in an African refugee camp.
