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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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UK Defends Palestinian Statehood Plan Amid Hamas Criticism

 

Palestinian Hamas militants stand guard in Rafah in the southern Gaza Strip
                                           Palestinian Hamas militants stand guard in Rafah in the southern Gaza Strip

Britain Rejects Claims of Rewarding Hamas with Palestinian Recognition

The United Kingdom has firmly rejected accusations that its plan to recognise a Palestinian state rewards the militant group Hamas. Prime Minister Keir Starmer announced that Britain would move forward with recognition at the United Nations General Assembly in September—unless Israel takes concrete steps to improve humanitarian conditions in Gaza and recommits to a two-state peace process.

 Government Response

  • British Transport Minister Heidi Alexander clarified: “This is not a reward for Hamas. Hamas is a vile terrorist organisation… This is about the Palestinian people. It’s about those children that we see in Gaza who are starving to death”.
  • The UK’s stance is that recognition is a diplomatic and humanitarian move, not a political concession to extremists.

Israeli and U.S. Backlash

  • Israeli Prime Minister Benjamin Netanyahu condemned the move, calling it a “reward for Hamas’s monstrous terrorism” and warning it would “punish the victims” of Hamas’s 2023 attacks.
  • Former U.S. President Donald Trump echoed the criticism, stating Hamas “should not be rewarded” with statehood recognition.

International Context

  • France has also announced plans to recognise Palestinian statehood in September.
  • Several Western nations—including Canada, Australia, and Finland—have signed a joint statement supporting Palestinian recognition as a step toward a two-state solution.

Conditions for Recognition

Starmer’s ultimatum to Israel includes:

  • Allowing significantly more humanitarian aid into Gaza.
  • No further annexation of West Bank territory.
  • A clear commitment to a long-term peace process.

As diplomatic tensions rise, the UK’s move signals a shift in international pressure on Israel and a renewed urgency to resolve the humanitarian crisis in Gaza. The coming weeks may prove pivotal for the future of Middle East peace efforts.


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