In The Weekly Wrap, Sean Speer, our editor-at-large, analyses for Hub subscribers the big stories shaping politics, policy, and the economy in the week that was.
Carlos Leitão is a fiscal conservative with credibility
As political observers prepare to pore over Mark Carney’s first cabinet for signals about the direction of his government, one prospective appointment may stand out for its quiet significance: Carlos Leitão.
In a cabinet likely to be filled with a mix of Trudeau-era retreads and unknown newbies, Leitão’s return to public life offers something different—a track record of substance. The former Quebec finance minister may prove to be the most consequential member of the Carney government besides the prime minister himself.
Why? Because Leitão brings a rare pedigree in contemporary Canadian politics: he’s a fiscal conservative with credibility.
During his time in Quebec City from 2014 to 2018, Leitão delivered balanced budgets, restrained program spending, and improved the province’s credit rating—all while navigating the sensitive politics of public services in Quebec.
Although he isn’t a natural politician, his substantive record distinguishes him. He’s a throwback to a previous era when Liberals were mindful about the cost and size of government.
For Carney, who has faced early suspicion that his government will prioritize activism over affordability, Leitão offers ballast. His appointment to a major role like finance minister could signal that the new prime minister is actually serious about credible fiscal policy—not just more of the same Trudeau-era profligacy.
Of course, it’s too early to tell how Carney will manage the tensions between progressivism and pragmatism reflected in his diverse caucus. And even if Leitão gets a key appointment, it wouldn’t be guaranteed that his fiscal instincts carry weight in a cabinet likely to be pulled in a left-wing direction.
But his appointment would still be a reassuring signal to markets and non-progressives that the Carney government will have at least one person around the table asking: how exactly are we going to pay for all this spending?
