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Greens Stun Labour in Historic Gorton & Denton Upset

  The Green Party's Hannah Spencer joyous after the results of the Gorton and Denton by-election were announced Prime Minister Keir Starmer has been dealt a significant political setback after the Green Party captured Gorton and Denton, a Greater Manchester seat Labour had held for nearly a century. The by‑election result pushed Labour into third place, behind both the Greens and Reform UK, highlighting growing fractures in Britain’s traditional two‑party landscape. Green candidate Hannah Spencer secured the victory with a commanding share of the vote, marking the party’s first parliamentary by‑election win in northern England. Reform UK finished second, while Labour’s unusually weak performance intensified pressure on Starmer amid ongoing political turbulence and calls for stronger leadership.  The loss of such a long‑standing Labour stronghold underscores shifting voter sentiment and raises questions about the party’s ability to maintain its traditional base. Analysts have...
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How Canada’s new measures will make banking more fair and affordable in 2024

 

Canada’s government has announced a series of new measures to ensure Canadians are treated fairly by their banks and to make banking more affordable for everyone. These measures, which will take effect in 2024, include:

  • Protecting Canadians from rising mortgage payments by requiring banks to provide tailored mortgage relief to borrowers at risk of default on their principal residence, in accordance with the Financial Consumer Agency of Canada’s (FCAC) new guideline.
  • Enhancing low-cost and no-cost account options by working with financial institutions to improve the features of these accounts, such as providing more debit transactions, online bill payments, and e-transfers with no extra fees, and expanding the eligibility and availability of these accounts to more Canadians.
  • Lowering non-sufficient fund (NSF) fees, which can be as high as $50, by issuing direction to banks to reduce these fees, which disproportionately impact low-income Canadians and those who do not have access to overdraft protection.
  • Designating an independent and transparent not-for-profit organization, the Ombudsman for Banking Services and Investments (OBSI), as the single external complaints body for Canada’s banking sector, to provide Canadians with an impartial advocate when they have complaints with their bank.

These measures are part of the government’s action to bring down inflation and stabilize prices for Canadians, as well as to support the economic recovery from the pandemic. The government also plans to introduce framework legislation in Budget 2024 to enable consumer-driven banking, which will give Canadians more control over their financial data and access to innovative financial services.

The government says that these measures will help ensure that Canada remains the best place in the world to live, work, and raise a family, and that the banking sector serves the needs and interests of all Canadians.

In addition to these measures, Canadians can also benefit from the increase in the Tax-Free Savings Account (TFSA) contribution limit for 2024, which will rise to $7,500, up from $6,000 in 2023. This means that Canadians who were eligible for the TFSA since its inception in 2009 will be able to invest a cumulated total of $95,000 in 2024, tax-free.


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