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Budget 2024 'likely to be the worst' in decades: former BoC governor

Video vocabulary

number

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US / ˈnʌmbə(r) /

UK / ˈnʌmbɚ /

A1
  • noun
  • Symbols such as 1, 2, 56, 793
  • Particular song or dance performed during a show
  • Total quantity or amount of things
  • verb
  • To put numbers on things
  • To assign a sequence within a group, series, set
  • To claim to be part of a larger group, series, set

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

fund

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US / fʌnd /

UK / fʌnd /

A2
  • noun
  • Money collected, saved, or provided for a purpose
  • A specific account into which you put money
  • verb
  • To supply money for something

takeaway

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US / ˈteɪkəweɪ /

UK / ˈtekəˌwe /

C2
  • noun
  • Employee benefit deleted in union contract

profit

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US / 'prɒfɪt /

UK / 'prɑ:fɪt /

A2
  • noun
  • Benefit from doing something
  • Money earned from sales, after costs are deducted
  • verb
  • To be a benefit to someone
  • To earn money from something

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

optimism

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US / ˈɒptɪmɪzəm /

UK / ˈɑptəˌmɪzəm /

B2
  • noun
  • Condition of having a positive outlook or belief

unwillingness

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US / /

UK / /

B1
  • noun
  • Showing you do not want to so something

mean

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US / mi:n /

UK / min /

A1
  • adjecitve
  • Being good at
  • Nasty; unkind
  • Not liking to spend money; cheap; stingy
  • noun
  • Average of a set of numbers
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular meaning or value

again

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US / ə'ɡen /

UK / əˈɡɛn /

A1
  • adverb
  • One more time, once more

place

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US / pleɪs /

UK / ples /

A1
  • noun
  • Particular location, area or region
  • verb
  • To put someone in a particular type of situation
  • To put something in a certain location or position

current

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US / 'kʌrənt /

UK / ˈkɚrənt, ˈkʌr- /

A2
  • adjecitve
  • Happening or being in the present time
  • noun
  • Electricity flowing through wires
  • Movement of water in a river, or air in the sky

borrow

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US / ˈbɒrəʊ /

UK / ˈbɑ:roʊ /

A2
  • verb
  • To take and later return something from another
  • To carry one number to another column when adding

medium

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US / 'mi:dɪəm /

UK / ˈmidiəm /

A2
  • noun
  • Method of expressing ideas or feelings
  • Something available in a middle size or condition
  • Person who claims to communicate with the dead

perspective

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US / pə'spektɪv /

UK / pɚˈspɛktɪv /

B1
  • noun
  • Artistic method of creating a sense of distance
  • Ability to understand what is important in life

like

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US / laɪk /

UK / laɪk /

A1
  • adjecitve
  • Being equal in status or kind to something else
  • Similar; the same
  • adverb
  • For example
  • preposition
  • Used as a filler; used to ad emphasis
  • In a way similar to the way something is done
  • Such as; for example
  • verb
  • To want to
  • To find something pleasing; to prefer something

firm

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US / fɜ:m /

UK / fɚm /

A2
  • adjecitve
  • Fairly hard or solid, not soft
  • Unchanging and strong
  • noun
  • Company that sells goods or services
  • verb
  • To make something become more solid or durable

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

thirty

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US / 'θɜ:tɪ /

UK / ˈθə:ti /

A1
  • number
  • 30

stakeholder

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US / ˈsteɪkhəʊldə(r) /

UK / ˈsteɪkhoʊldə(r) /

C2
  • noun
  • Someone who holds a financial share of a business

dodge

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US / dɒdʒ /

UK / dɑ:dʒ /

B1
  • noun
  • An attempt to avoid something
  • verb
  • To attempt to avoid something

equipment

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US / ɪˈkwɪpmənt /

UK / ɪˈkwɪpmənt /

A2
  • noun
  • Tools or materials used to perform a task

first

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US / fɜ:st /

UK / fɚst /

A1
  • adjecitve
  • 1st; Coming before all others in time or place
  • noun
  • Something that has not happened before
  • Position of the winner of a competition

down

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US / daʊn /

UK / daʊn /

A1
  • adjecitve
  • Being sad, sick, or unhappy
  • Not operating, working, or functioning as expected
  • adverb
  • In a sitting or lying position
  • Towards or on the ground, floor, or bottom
  • Written or copied onto a piece of paper or book
  • noun
  • A period of play in American Football
  • The soft, smooth hairs that cover a bird's body
  • preposition
  • Along something's path, course, or direction
  • Going from a higher position to a lower position
  • verb
  • To eat or drink very quickly and without stopping

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

suppose

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US / sə'pəʊz /

UK / səˈpoʊz /

A2
  • conjunction
  • What if
  • verb
  • To imagine or guess what might happen

absolutely

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US / ˈæbsəlu:tli /

UK / ˈæbsəˌlutli, ˌæbsəˈlutli /

A2
  • adverb
  • Completely; totally; very

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

people

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US / 'pi:pl /

UK / ˈpipəl /

A1
  • noun
  • Persons sharing culture, country, background, etc.
  • Men, Women, Children

different

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US / ˈdɪfrənt /

UK / ˈdɪfrənt /

A1
  • adjecitve
  • Not of the same kind; unlike other things

type

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US / taɪp /

UK / taɪp /

A1
  • noun
  • Printed letters or blocks used for printing them
  • Group of things or people sharing common features
  • verb
  • To identify something belonging to a group
  • To write by touching keys on a keyboard

own

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US / əʊn /

UK / on /

A1
  • adjecitve
  • Belong to oneself
  • determiner
  • Yours, his, hers, etc.; not belonging to another
  • pronoun
  • (Something) belong to myself
  • verb
  • To have something as your property

reaction

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US / rɪ'ækʃn /

UK / riˈækʃən /

A2
  • noun
  • Bodily response to a drug or something eaten
  • Feeling or action in response to something

billion

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US / ˈbɪljən /

UK / ˈbɪljən /

A2
  • noun
  • Number 1,000,000,000

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

very

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US / 'verɪ /

UK / ˈvɛri /

A1
  • adjecitve
  • Concerning a large degree or amount
  • adverb
  • A lot; much; many
  • Used to stress or emphasize a noun

virus

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US / 'vaɪrəs /

UK / ˈvaɪrəs /

B1
  • noun
  • File secretly put on computers to cause harm
  • Living organism that causes disease or sickness

way

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US / weɪ /

UK / we /

A1
  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
  • Usual behavior, emotions or habits of someone

unfortunate

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US / ʌnˈfɔ:tʃənət /

UK / ʌnˈfɔrtʃənɪt /

B1
  • adjecitve
  • Having bad luck; bringing a bad result

produce

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US / prə'dju:s /

UK / prəˈdus, -ˈdjus, pro- /

A1
  • noun
  • Fresh foods such as fruits and vegetables
  • verb
  • To grow something naturally
  • To make something appear
  • To manufacture something using machines
  • To control the making a movie or television show

both

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US / bəuθ /

UK / boθ /

A1
  • determiner
  • Used to refer to two things at the same time
  • pronoun
  • Used to refer to two things at the same time

bright

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US / braɪt /

UK / braɪt /

A2
  • adjecitve
  • Cheerful and happy (manner)
  • (Of color) light and easy to see; vivid
  • Producing a lot of light
  • Smart; intelligent; clever

pay

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US / peɪ /

UK / pe /

A1
  • noun
  • Money you receive from your job, work, etc.
  • verb
  • To give money for goods or work done
  • To give (attention, respect, etc.) to
  • To be punished or suffer for something you did
  • To make (a visit) to a person or place

minister

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US / 'mɪnɪstə(r) /

UK / ˈmɪnɪstɚ /

A2
  • noun
  • An official who heads a government department
  • Person who performs Christian services

take

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US / teɪk /

UK / tek /

A1
  • noun
  • Filming of a single scene for TV or the movies
  • verb
  • To accept something that is offered
  • To use a method of traveling, e.g. a bus or train
  • To use a camera to make (a photo)
  • To pick up something and go away with it
  • To study a subject in school
  • To attempt to pass (an exam)
  • To require a certain amount of time, money, space

old

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US / əʊld /

UK / old /

A1
  • adjecitve
  • Having existed for a long time, not young or new
  • Age of a person since birth

return

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US / rɪ'tɜ:n /

UK / rɪ'tɜ:rn /

A1
  • adjecitve
  • Do again; repeated
  • noun
  • Faulty or unwanted product sent back to a company
  • Enter key; the main key on the computer keyboard
  • Profit made as a result of a business activity
  • Process of going back to a previous way or state
  • verb
  • To hit something back to the other player or team
  • To come back after being away from somewhere
  • To repay someone's actions, kindness etc.
  • To put, bring, take, give, or send something back
  • To occur again

thank

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US / θæŋk /

UK / θæŋk /

A1
  • verb
  • To tell someone you are grateful to them

look

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US / lʊk /

UK / lʊk /

A1
  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
  • Act of searching for or examining something
  • verb
  • To appear to be; seem

largely

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US / ˈlɑ:dʒli /

UK / ˈlɑ:rdʒli /

A2
  • adverb
  • In large part; mainly or chiefly

their

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US / ðɛː /

UK / ðer /

A1
  • determiner
  • Belonging to them

country

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US / ˈkʌntri /

UK / ˈkʌntri /

A1
  • noun
  • An area of land that is controlled by a government
  • Open land that is away from towns and cities

productivity

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US / ˌprɒdʌkˈtɪvəti /

UK / ˌprɑ:dʌkˈtɪvəti /

B1
  • noun
  • Rate at which people or machines produce

gain

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US / ɡeɪn /

UK / ɡen /

A2
  • noun
  • An increase in something, such as weight
  • verb
  • To increase in something, such as weight
  • To get something wanted, needed or valued

worker

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US / ˈwɜ:kə(r) /

UK / ˈwɜ:rkə(r) /

A1
  • noun
  • Person who works

dollar

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US / ˈdɒlə(r) /

UK / ˈdɑ:lə(r) /

A1
  • noun
  • A basic unit of money equal to 100 cent

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

letter

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US / 'letə(r) /

UK / ˈlɛtɚ /

A1
  • noun
  • One of the 26 parts of the English alphabet
  • Message you put in an envelope and send by post

consumption

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US / kənˈsʌmpʃn /

UK / kənˈsʌmpʃən /

B1
  • noun
  • The act of buying and using products
  • The act of using energy, food or materials; the amount used
  • A serious disease of the lungs

definitely

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US / ˈdefɪnətli /

UK / ˈdefɪnətli /

A2
  • adverb
  • Without question; beyond doubt

overall

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US / ˌəʊvər'ɔ:l /

UK / ˈovɚˌrɔl /

A2
  • adjecitve
  • Viewed as a whole; in general, not as details

fact

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US / fækt /

UK / fækt /

A1
  • noun
  • Something that is known or proved to be true

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

much

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US / mʌtʃ /

UK / mʌtʃ /

A1
  • adjecitve
  • Very; to a high level or degree
  • adverb
  • A lot; large amount; a high degree of
  • Nearly; basically
  • On many occasions; often
  • noun
  • A large amount; a great quantity

standard

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US / 'stændəd /

UK / ˈstændəd /

A2
  • adjecitve
  • Being the accepted normal level of quality
  • (Of a language) being the most accepted in a place
  • noun
  • Official unit of measuring something
  • Principle of behaving in a moral way

attractive

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US / əˈtræktɪv /

UK / əˈtræktɪv /

A2
  • adjecitve
  • Making you like them, as by being good-looking

subject

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US / 'sʌbdʒɪkt /

UK / ˈsʌbdʒekt /

A1
  • noun
  • Citizen of an area or country
  • The person or thing that does the action of a verb
  • People who take part in experiments or tests
  • An area of study at school, e.g. math, history
  • What a book, article etc. is about; theme
  • verb
  • To cause to suffer or experience something

opinion

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US / əˈpɪnjən /

UK / əˈpɪnjən /

A2
  • noun
  • Court judge's statement why a decision was made
  • A person's thoughts on a topic

responsible

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US / rɪ'spɒnsəbl /

UK / rɪˈspɑnsəbəl /

A2
  • adjecitve
  • Being the cause of something that has occurred
  • Having the duty of dealing with something
  • Able to be trusted to do what needs to be done

well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
  • Used to indicate you are making a final remark
  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

since

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US / sɪns /

UK / sɪns /

A1
  • adverb
  • At a point before the present time
  • conjunction
  • For this reason; because
  • preposition
  • From the time in the past that

inability

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US / ˌɪnəˈbɪləti /

UK / ˌɪnəˈbɪlɪti /

A2
  • noun
  • Lack of ability, power, or means to do something

amount

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US / ə'maʊnt /

UK / əˈmaʊnt /

A1
  • noun
  • Quantity of something
  • verb
  • To add up to a certain figure

period

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US / ˈpɪəriəd /

UK / ˈpɪriəd /

A1
  • noun
  • Set amount of time during which events take place
  • A way to emphasize what you will say
  • A full stop (.), marking the end of a sentence
  • A menstrual cycle
  • A set time for a class to be held

job

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US / dʒɒb /

UK / dʒɑ:b /

A1
  • noun
  • Something that must be done
  • Regular work at which you earn money

intellectual

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US / ˌɪntəˈlektʃuəl /

UK / ˌɪntlˈɛktʃuəl /

B1
  • adjecitve
  • connected with or using a person’s ability to think in a logical way and understand things
  • other
  • a person who is well educated and enjoys activities in which they have to think seriously about thin

infrastructure

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US / 'ɪnfrəstrʌktʃə(r) /

UK / ˈɪnfrəˌstrʌktʃɚ /

B1
  • noun
  • Basic necessary equipment for a country or region

time

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US / taɪm /

UK / taɪm /

A1
  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
  • Number of hours, minutes needed to do something
  • Occasion when something happens
  • Period or occasion that something occurred
  • Period in history or the past
  • Something measured in minutes, hours, days, etc.
  • How long an event takes; duration
  • verb
  • To check speed at which music is performed
  • To choose a specific moment to do something
  • To measure how long an event takes, e.g. a race
  • To schedule something to occur at a specific moment

those

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US / ðəʊz /

UK / ðoz /

A1
  • determiner
  • The people or things we are talking about
  • pronoun
  • The objects far from the speaker

outspoken

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US / aʊtˈspəʊkən /

UK / aʊtˈspoʊkən /

C2
  • adjecitve
  • Saying (too) clearly what you think

outlook

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US / ˈaʊtlʊk /

UK / ˈaʊtˌlʊk /

B1
  • noun
  • General feeling or attitude about something
  • Place from which there is a clear view of an area
  • Idea of what the future will look like

through

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US / θru: /

UK / θru /

A2
  • adjecitve
  • having finished using or doing something
  • adverb
  • From the beginning of something until the end
  • preposition
  • Over, in, across an entire thing or place
  • Allowing you to pass between, or to
  • By a particular way or process; by the use of

middle

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US / 'mɪdl /

UK / ˈmidl /

A1
  • adjecitve
  • Equal distance from extremes
  • noun
  • Place that is halfway between two things

small

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US / smɔ:l /

UK / smɔl /

A1
  • adjecitve
  • Little in size; not big
  • (Of letters) not written in capital letters
  • Being insignificant or minor
  • (Of a business) with few people or things; local
  • (Of voice) being soft and quiet
  • (Of a child) being young

inflation

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US / ɪn'fleɪʃn /

UK / ɪnˈfleʃən /

B1
  • noun
  • Act of filling something with air or gas
  • Continual rise in the prices of products

indeed

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US / ɪnˈdi:d /

UK / ɪnˈdid /

A2
  • adverb
  • Actually; in fact; in reality

fail

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US / feɪl /

UK / fel /

A1
  • noun
  • A mark on a test showing you did not pass
  • verb
  • To be unsuccessful in passing a class or exam
  • To not do or provide something that is needed
  • To stop working or functioning; to break down
  • To not achieve a goal, or to go wrong

feel

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US / fi:l /

UK / fil /

A1
  • verb
  • To be aware of or experience an emotion, sensation
  • To sense through direct contact; touch

guess

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US / ɡes /

UK / ɡɛs /

A1
  • noun
  • Answer given when you don't know if it is correct
  • verb
  • To give an answer without knowing if it is correct

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

speak

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US / spi:k /

UK / spik /

A1
  • verb
  • To be able to use a certain language
  • To use words to tell information, express thoughts

economy

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US / ɪ'kɒnəmɪ /

UK / ɪˈkɑnəmi /

A1
  • noun
  • Using money, resources in a careful, effective way
  • Total of all goods, services and wages in an area

new

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US / nju: /

UK / nu, nju /

A1
  • adjecitve
  • Not old, recently born, built or made
  • Being or doing something for the first time
  • Not felt, seen or known previously
  • Having been recently bought or obtained

totally

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US / ˈtəʊtəli /

UK / ˈtotl:ɪ /

A1
  • adverb
  • In a complete way; completely; absolutely

continue

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US / kən'tɪnju: /

UK / kənˈtɪnju /

A1
  • verb
  • To do something without stopping, or after pausing
  • To start doing again after a break, pause, or stop

day

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US / deɪ /

UK / de /

A1
  • noun
  • A period of 24 hours beginning at midnight
  • The period of time when it is light outside
  • Person's name

side

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US / saɪd /

UK / saɪd /

A1
  • adjecitve
  • In addition to the central or most important thing
  • Next to, or very close to, the right or left of
  • noun
  • Position or opinion that is opposite to another
  • Right or left part of a person's body
  • Feature of someone's personality
  • Straight edge of an object
  • One of two or more groups fighting each other
  • verb
  • To decide to agree with one point, not the other

here

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US / hɪə(r) /

UK / hɪr /

A1
  • adverb
  • In this place; at this location, position or time

item

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US / ˈaɪtəm /

UK / ˈaɪtəm /

A2
  • noun
  • Single, brief piece of news or reporting
  • Distinct, individual thing, often part of a group

sort

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US / sɔ:t /

UK / sɔrt /

A1
  • noun
  • Group or class of similar things or people
  • verb
  • To organize things by putting them into groups
  • To deal with things in an organized way

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

try

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US / traɪ /

UK / traɪ /

A1
  • noun
  • Act of putting the ball over the rugby goal line
  • verb
  • To make an effort, to attempt to do something
  • To examine someone or something in a court of law
  • To test to see if it is good or you like it
  • To make a person go through hardship; test
  • To examine something to see if it works

machinery

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US / məˈʃi:nəri /

UK / məˈʃinəri, -ˈʃinri /

A2
  • noun
  • System/processes to get official approval, etc.
  • Machines in general
  • Inner, working parts of a machine

debt

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US / det /

UK / dɛt /

A2
  • noun
  • Sum of money owed to someone that is not yet paid

cope

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US / kəʊp /

UK / koʊp /

A2
  • verb
  • To deal with something in spite of difficulties

tax

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US / tæks /

UK / tæks /

A2
  • noun
  • Money taken by a government from its people
  • verb
  • To require a lot of physical or mental effort
  • (Government) to take money from a country's people

come

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US / kʌm /

UK / kʌm /

A1
  • verb
  • To arrive at a place
  • (Of mail) to be delivered
  • To move toward someone; go with someone
  • To reach a certain point or state

risky

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US / ˈrɪski /

UK / ˈrɪski /

A2
  • adjecitve
  • With the chance it may be dangerous, unsuccessful

join

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US / dʒɔɪn /

UK / dʒɔɪn /

A1
  • verb
  • To bring something close to another, to become one
  • To become a member of
  • To participate in an activity with others

where

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US / hwɛə /

UK / hwɛr, wɛr /

A1
  • conjunction
  • At or in the place which
  • In whatever place
  • pronoun
  • Word you use to ask the location of something

rather

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US / 'rɑ:ðə(r) /

UK / ˈræðɚ, ˈrɑðɚ /

A1
  • adverb
  • Somewhat; fairly; not that much

paint

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US / peɪnt /

UK / pent /

A1
  • noun
  • Colored liquid you apply with a brush
  • verb
  • To make a picture with colored liquids
  • To describe as
  • To apply a color, oil or sealant with a brush

most

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US / məʊst /

UK / most /

A1
  • adverb
  • Very; extremely
  • Greatest possible degree
  • pronoun
  • Nearly all of something

over

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US / 'əʊvə(r) /

UK / ˈovɚ /

A1
  • adverb
  • Finished; no longer happening
  • Towards the ground/away from a standing position
  • noun
  • A set of six consecutive balls bowled in cricket
  • other
  • Finished
  • preposition
  • Showing the relation when a thing is above another
  • On or covering something
  • Above or across something
  • More than you need
  • From one side to the other
  • In the direction of; toward

money

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US / 'mʌnɪ /

UK / ˈmʌni /

A1
  • noun
  • Coins or notes we use to pay for things

aim

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US / eɪm /

UK / em /

A2
  • noun
  • Act of pointing something at a target
  • Purpose or goal
  • verb
  • To point something at a target
  • To intend to get a thing or for a thing to happen

help

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US / help /

UK / hɛlp /

A1
  • noun
  • Something given to enable a person to do something
  • Assistance given to someone in need
  • Someone who makes something easier or possible
  • verb
  • To act to enable a person to do something; assist
  • To make something better or less difficult

certainly

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US / ˈsə:tnli /

UK / ˈsɚtnli /

A1
  • adverb
  • Sure; of course

from

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US / frəm /

UK / frʌm, frɑm,frəm /

A1
  • preposition
  • Starting at a particular place, time or level

share

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US / ʃeə(r) /

UK / ʃɛr /

A2
  • noun
  • Part-ownership in a property, business or company
  • Part of a company you own, shown by a certificate
  • verb
  • To divide something between two or more people
  • To allow others to use your things equally
  • To give information, etc. to someone

think

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US / θɪŋk /

UK / θɪŋk /

A1
  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

stephen

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US / 'sti:vən /

UK / 'sti:vən /

A1
  • proper noun
  • (c.1097–1154), grandson of William the Conqueror; king of England 1135–54. He seized the throne from

picture

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US / 'pɪktʃə(r) /

UK / ˈpɪktʃɚ /

A1
  • noun
  • General situation or state of being
  • Mental image of what something is or looks like
  • Movie; film
  • Painting, drawing or photograph on paper or screen
  • verb
  • To understand or imagine something
  • To imagine someone or something in an image

real

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US / rɪəl /

UK / ˈriəl, ril /

A1
  • adjecitve
  • Actually existing or happening, not imagined
  • Being important or special

governor

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US / ˈgʌvənə(r) /

UK / ˈgʌvərnə(r) /

B2
  • noun
  • Person who leads a state or province

and

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US / ənd /

UK / ənd, ən,ænd /

A1
  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
  • Used to introduce an action that follows another

emphasize

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US / 'emfəsaɪz /

UK / ˈɛmfəˌsaɪz /

B2
  • verb
  • To stress the items that are important

failure

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US / ˈfeɪljə(r) /

UK / 'feɪljər /

A1
  • noun
  • When things go wrong; lack of function
  • Act or result of not achieving your goals

along

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US / əˈlɒŋ /

UK / əˈlɔ:ŋ /

A1
  • adverb
  • As a companion; taken with someone
  • preposition
  • At a point on a line

particular

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US / pəˈtɪkjələ(r) /

UK / pɚˈtɪkjəlɚ, pəˈtɪk- /

B2
  • adjecitve
  • One specific (one)
  • Having firm ideas about what is desirable
  • Being special or more than is typical

another

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US / əˈnʌðə(r) /

UK / əˈnʌðɚ /

A1
  • adjecitve
  • One more, but not this
  • determiner
  • One more added
  • pronoun
  • One more (thing)

two

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US / tu: /

UK / tu /

A1
  • number
  • 2

couple

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US / 'kʌpl /

UK / ˈkʌpəl /

A2
  • noun
  • Two people in a romantic relationship
  • Two of something; two people; a pair
  • verb
  • To join something to something else
  • (Two animals) to engage in sexual relations
  • To put two people or things together

ten

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US / ten /

UK / tɛn /

A1
  • number
  • 10

call

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US / kɔ:l /

UK / kɔl /

A1
  • noun
  • A order or request for action
  • The sound an animal makes, often when in danger
  • A correct prediction, e.g. a decision in a game
  • A short visit to a place or person
  • A decision by a referee or umpire in a game
  • verb
  • To make a request or order for action
  • (Animal) to make sounds to warn of danger
  • To announce the date of an election
  • To make a judgment about something
  • To give someone or something a name
  • To guess in advance the result or outcome
  • To visit a place or person for a short time
  • To phone someone
  • To speak, announce or shout in a loud voice

possibility

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US / ˌpɒsə'bɪlətɪ /

UK / ˌpɑsəˈbɪlɪti /

A2
  • noun
  • Something with a chance of happening or being true

legislation

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US / ˌledʒɪsˈleɪʃn /

UK / ˌlɛdʒɪˈsleʃən /

B1
  • noun
  • Act or process of writing and passing laws

participate

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US / pɑ:ˈtɪsɪpeɪt /

UK / pɑ:rˈtɪsɪpeɪt /

B1
  • verb
  • To take part with others in doing something

only

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US / ˈəunli /

UK / ˈonli /

A1
  • adverb
  • Just one; just that amount or thing; not more than
  • Not very important or serious
  • Just that type of thing, person
  • Short time ago; not before a certain time
  • conjunction
  • Except; but

make

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US / meɪk /

UK / mek /

A1
  • noun
  • Product made by a particular company; brand
  • verb
  • To arrange or prepare something e.g. dinner
  • To get to (a place) on time
  • To gain the status of (teacher, lawyer, etc.)
  • To create something by putting things together
  • To earn a certain amount of money at a job
  • To cause or force a person to do something
  • To cause something to happen or be formed

other

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US / 'ʌðə(r) /

UK / ˈʌðər /

A1
  • adjecitve
  • A thing different from that mentioned
  • determiner
  • (Something) else; not the first (one)
  • pronoun
  • Being the one and only thing of that category

kind

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US / kaɪnd /

UK / kaɪnd /

A1
  • adjecitve
  • In a caring and helpful manner
  • friendly and considerate
  • noun
  • One type of thing

relative

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US / ˈrelətɪv /

UK / ˈrɛlətɪv /

A2
  • adjecitve
  • Measured or considered in comparison to another
  • (Grammar) referring to words that appear earlier
  • noun
  • Members of the family
  • Humans or animals sharing the same family history

year

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US / jə: /

UK / jɪr /

A1
  • noun
  • Unit of time equal to 12 months or 365 or 366 days
  • Used to refer to the age of a person

term

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US / tɜ:m /

UK / tɚm /

A1
  • noun
  • Conditions applying to an agreement, contract
  • Length of time something is expected to happen
  • Fixed period of weeks for learning at school
  • The (precise) name given to something
  • verb
  • To call; give a name to

less

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US / les /

UK / lɛs /

A1
  • adjecitve
  • Smaller in amount or degree
  • adverb
  • To a smaller degree
  • noun
  • A smaller amount
  • preposition
  • With the subtraction of

peer

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US / pɪə(r) /

UK / pɪr /

B2
  • noun
  • A noble, but not royal, person, e.g. lord or duke
  • Person of the same age, class or situation
  • verb
  • To look closely and carefully, as if hard to see

big

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US / bɪɡ /

UK / bɪɡ /

A1
  • adjecitve
  • Popular
  • Serious
  • Large

message

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US / 'mesɪdʒ /

UK / ˈmɛsɪdʒ /

A2
  • noun
  • Main idea or theme in a story, book, or film
  • Piece of information that is told/given to someone
  • verb
  • To communicate using text

live

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US / lɪv /

UK / liv /

A1
  • adjecitve
  • Being broadcast as events happen, not recorded
  • Carrying electric current; able to give a shock
  • Glowing because burning; hot
  • Not yet killed (for food)
  • adverb
  • (Music, drama) as it is performed
  • verb
  • To be alive
  • To experience a particular type of life
  • To make your home in a house or town

bank

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US / bæŋk /

UK / bæŋk /

A1
  • noun
  • A financial institution that keeps or lends money
  • The side of a river
  • A row of things in lines (e.g. computers)
  • verb
  • To put or keep your money in a bank
  • To turn a plane when flying; (of a plane) to turn

stagnant

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US / ˈstægnənt /

UK / ˈstæɡnənt /

C1
  • adjecitve
  • Unmoving; not growing, as of an economy

investment

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US / ɪnˈvestmənt /

UK / ɪnˈvɛstmənt /

A2
  • noun
  • Something purchased hoping its value will increase
  • Act of giving time, energy to see a future reward

how

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US / haʊ /

UK / haʊ /

A1
  • adjecitve
  • To what degree? in what amount?
  • adverb
  • (Used to explain the way to do something)
  • exclamation
  • For what purpose or reason?
  • (Used to ask someone or something's condition)

pave

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US / peɪv /

UK / pev /

B1
  • verb
  • To build a hard even surface for traveling on

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

capital

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US / 'kæpɪtl /

UK / ˈkæpɪtl /

A2
  • adjecitve
  • Main, or major
  • noun
  • Writing the first letter of a word in big letters
  • Official main city of a country, province or state
  • Collective name for money, shares, and assets
  • Money that is used for a business

budget

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US / 'bʌdʒɪt /

UK / ˈbʌdʒɪt /

A2
  • adjecitve
  • Low cost; inexpensive
  • noun
  • Amount of money planned to be spent
  • verb
  • To make a plan for how to spend your money

order

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US / 'ɔ:də(r) /

UK / ˈɔrdɚ /

A1
  • noun
  • Religious or social group, as of nuns
  • Instructions to others to do what you want
  • State in which things are neat and organized
  • What you ask to buy, e.g. food in restaurant
  • Social or political control of an area
  • verb
  • To put things in a sequence, e.g. a, b, c
  • To give instructions to others to do what you want
  • To ask for something you want to buy, e.g. a meal

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

five

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US / faɪv /

UK / faɪv /

A1
  • number
  • 5

simply

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US / ˈsɪmpli /

UK / ˈsɪmpli /

A1
  • adverb
  • In an easy or clear manner

run

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US / rʌn /

UK / rʌn /

A1
  • noun
  • Journey between two places made by ship or car
  • Series of similar things or successes and failures
  • Act of running; exercise of running
  • verb
  • To depart or travel according to a schedule
  • To cause an animal to move in a certain direction
  • (Of an engine) to be operating
  • To start or use a computer program
  • To flow in a certain direction, like a liquid
  • To manage or operate a business
  • To operate or drive something
  • (Of a road) to go from one place to another
  • To move your legs faster than walking

abroad

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US / əˈbrɔ:d /

UK / əˈbrɔd /

A2
  • adverb
  • In or to a foreign country

one

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US / wʌn /

UK / wʌn /

A1
  • pronoun
  • You; we; people in general; someone
  • The thing or person previously referred to
  • adjecitve
  • Used to refer to people generally
  • Being a strong example of (something mentioned)
  • number
  • Number 1

forward

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US / 'fɔ:wəd /

UK / ˈfɔrwəd /

A1
  • adjecitve
  • Toward what is ahead; in front
  • Acting in a socially aggressive manner; pushy
  • adverb
  • Toward the front in place; in front
  • Toward a future time; to a more advanced state
  • verb
  • To send something to another address or person

next

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US / nekst /

UK / nɛkst /

A1
  • adverb
  • The one that follows another in time or order
  • At a time or place directly after the present one
  • noun
  • The one that follows after
  • adjecitve
  • Immediately after the previous one
  • First occurrence after the present one

end

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US / end /

UK / ɛnd /

A1
  • noun
  • The point where a process or activity stops
  • A point that marks the limit of something; finish
  • Goal or desired result
  • The tip, edge or limit of something
  • verb
  • To be the last part of something

community

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US / kə'mju:nətɪ /

UK / kəˈmjunɪti /

A2
  • noun
  • Group of people who share a common idea or area

government

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US / ˈgʌvənmənt /

UK / ˈɡʌvənmənt /

A1
  • noun
  • Group of people and system that rule a nation

fall

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US / fɔ:l /

UK / fɔl /

A1
  • noun
  • Season after summer and before winter; Autumn
  • A drop in amount; decrease
  • Dropping from a standing position to the ground
  • verb
  • To drop in amount; to decrease
  • To come down from a higher position suddenly
  • To go from standing to the ground, by accident

saddle

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US / ˈsædl /

UK / ˈsædl /

B2
  • noun
  • Seat of a bicycle, or a seat to put on a horse
  • Seat of a bicycle
  • Something like a saddle in shape, position, or use
  • verb
  • To put a saddle on a horse
  • To subject to a heavy or difficult task

unhelpful

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US / ʌnˈhelpfl /

UK / ʌnˈhelpfl /

B1
  • adjecitve
  • Providing no assistance

startups

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US / /

UK / /

C2
  • other
  • A company just starting its operations
  • Act of setting in operation

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

negative

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US / 'neɡətɪv /

UK / ˈnɛɡətɪv /

A2
  • adjecitve
  • Being harmful, unwanted or unhelpful
  • In mathematics, being less than zero
  • Focusing on the bad aspects; pessimistic
  • noun
  • The opposite to a positive electrical charge
  • In grammar, containing words such as 'no' or 'not'
  • Reply to a question or statement that means 'no'
  • Image on camera film used to make a photo

concentrate

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US / 'kɒnsntreɪt /

UK / ˈkɑnsənˌtret /

A2
  • verb
  • To cause to be present in large amount or number
  • To pay great attention to a task; focus
  • To remove water from a thing to make it more pure

raise

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US / reɪz /

UK / rez /

A1
  • noun
  • Increase in a bet above another when playing cards
  • Pay increase
  • verb
  • To increase a bet above another when playing cards
  • To gather donations for a cause or charity
  • To bring up and educate a child to maturity
  • To bring a dead person to life
  • To increase a quantity, size, intensity or price
  • To lift (e.g. your hand) to a higher position
  • To mention a topic /issue for discussion; bring up
  • To increase (salary, etc.)
  • To grow or care for plants or animals

canada

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US / 'kænədə /

UK / ˈkænədə /

A1
  • proper noun
  • A country in northern North America, the second largest country in the world; population 35,900,000

with

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US / wɪð /

UK / wɪð, wɪθ /

A1
  • preposition
  • As an employee of a certain company
  • Against something or someone
  • By using something as a means
  • Due to; because of
  • Including
  • Possessing as a feature
  • Related to
  • (Of the manner/attitude by which you do something)
  • Used to express that people or things are together

anti

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US / 'æntɪ /

UK / ˈæntaɪ, -ti /

B2
  • adjecitve
  • A prefix meaning 'against' or 'opposed'

boost

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US / bu:st /

UK / bust /

B1
  • noun
  • An increase in something
  • verb
  • To increase something; to make something better
  • To push someone or something up from beneath them

curiosity

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US / ˌkjʊərɪ'ɒsətɪ /

UK / ˌkjʊriˈɑsɪti /

B1
  • noun
  • Something unusual and perhaps worthy of collecting
  • Eager desire to learn more about something

focus

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US / 'fəʊkəs /

UK / ˈfokəs /

A2
  • noun
  • Main purpose or center of interest or activity
  • verb
  • To see clearly by adjusting your eyes or a camera
  • To keep your attention, concentration on one thing

world

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US / wɜ:ld /

UK / wɜrld /

A1
  • noun
  • All the humans, events, activities on the earth
  • Political division due to some kind of similarity

port

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US / pɔ:t /

UK / pɔrt, port /

B1
  • noun
  • City where ships can shelter during a storm
  • Left side of a ship when facing forward
  • Opening in a computer where wires can be connected
  • Sweet wine that is produced in Portugal
  • verb
  • To move data from one computer system to another

last

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US / lɑ:st /

UK / læst /

A1
  • adjecitve
  • Most recent; the latest
  • The one before
  • adverb
  • Final; with nothing following; after all others
  • Most recent; the latest
  • determiner
  • The one at the end
  • verb
  • To remain or continue for a certain period of time

decade

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US / ˈdekeɪd /

UK / ˈdɛkˌed, dɛˈked /

B1
  • noun
  • Period of 10 years

increase

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US / ɪn'kri:s /

UK / ɪnˈkris /

A1
  • noun
  • Fact of increasing; amount something grows by
  • verb
  • To make or become larger in size or amount

process

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US / prə'ses /

UK / ˈprɑsˌɛs, ˈproˌsɛs /

A2
  • noun
  • Dealing with official forms in the way required
  • Set of changes that occur slowly and naturally
  • verb
  • To organize and use data in a computer
  • To deal with official forms in the way required
  • To prepare by treating something in a certain way
  • To adopt a set of actions that produce a result
  • To convert by putting something through a machine

federal

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US / 'fedərəl /

UK / ˈfɛdərəl, ˈfɛdrəl /

B1
  • adjecitve
  • Consisting of several united states

rely

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US / rɪ'laɪ /

UK / rɪˈlaɪ /

B2
  • verb
  • Depend on with full trust or confidence

young

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US / jʌŋ /

UK / jʌŋ /

A1
  • adjecitve
  • At an early stage of existence; not mature
  • Being recently created or started
  • noun
  • Babies in a group or family of animals

hundred

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US / 'hʌndrəd /

UK / ˈhʌndrɪd /

A1
  • number
  • 100

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

remember

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US / rɪ'membə(r) /

UK / rɪˈmɛmbɚ /

A1
  • verb
  • To give someone a gift, e.g. birthday, wedding
  • To hold a thought in your mind to not forget it
  • To bring a previous image or idea to your mind

almost

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US / 'ɔ:lməʊst /

UK / ˈɔlˌmost, ɔlˈmost /

A1
  • adverb
  • Only a little less than, nearly, not quite

group

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US / ɡru:p /

UK / ɡrup /

A1
  • noun
  • Two or more musicians who play music together
  • Number of people or things gathered together
  • verb
  • To combine or collect objects or people together

problem

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US / ˈprɒbləm /

UK / ˈprɑbləm /

A1
  • adjecitve
  • Causing trouble
  • noun
  • Something difficult to deal with or causes trouble
  • Question to show understanding of a math concept

know

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US / nəʊ /

UK / noʊ /

A1
  • verb
  • To be familiar with a person or place, thing
  • To feel sure or be convinced about something
  • To discover or be aware of something
  • To be able to distinguish
  • To have knowledge of things

surprising

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US / səˈpraɪzɪŋ /

UK / sərˈpraɪzɪŋ /

A1
  • adjecitve
  • Making you feel a bit shocked because unexpected
  • verb
  • To do something that another person didn't expect

development

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US / dɪ'veləpmənt /

UK / dɪˈvɛləpmənt /

A2
  • noun
  • Act or process of growing bigger or more advanced
  • A new event related to a previous event

now

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US / naʊ /

UK / naʊ /

A1
  • adverb
  • At the present time or moment
  • Right away or in the next possible moment
  • Used to refer to something that just happened
  • Time between the present and a moment in the past
  • conjunction
  • Resulting from or because of something

opportunity

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US / ˌɒpə'tju:nətɪ /

UK / ˌɑpɚˈtunɪti, -ˈtju- /

A2
  • noun
  • Time, situation when a thing might be done; chance

really

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US / ˈri:əli /

UK / ˈriəˌli, ˈrili /

A1
  • adverb
  • Used to stress something that is said; definitely
  • In a true or accurate manner
  • Very

deliver

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US / dɪ'lɪvə(r) /

UK / dɪˈlɪvɚ /

A2
  • verb
  • To give birth to a child; help a woman give birth
  • To save someone from a problem or crisis
  • To keep a promise; do what you say you would
  • To present something to a group, as a speech
  • To take something to a person or place

business

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US / ˈbɪznəs /

UK / ˈbɪznɪs /

A1
  • noun
  • A company formed for making profit
  • Matter that has to be dealt with; task; situation
  • Activity of working to make a profit

canadian

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US / kəˈneɪdiən /

UK / kəˈnediən /

A1
  • adjecitve
  • Concerning the culture and people of Canada
  • noun
  • Person from Canada

would

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US / wʊd /

UK / wʊd /

A1
  • other
  • Used to indicate something imagined
  • Used to ask or request something politely
  • Verb used to indicate possibility, request etc.
  • Used to indicate a preference
  • Used to indicate a reaction
  • Indicates something that occurred repeatedly
  • Used to indicate willingness or ability to do

voter

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US / ˈvəʊtə(r) /

UK / ˈvotɚ /

B1
  • noun
  • Person who can vote in an election

deal

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US / di:l /

UK / dil /

A1
  • verb
  • To cope with something - usually troubles
  • To give (something bad e.g. news) to
  • To buy and sell illegal drugs
  • To give out (cards, etc.) to; distribute
  • To do business with someone or to sell products

ability

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US / ə'bɪlətɪ /

UK / əˈbɪlɪti /

A2
  • noun
  • The power, resources or skill to do something

can

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US / kæn /

UK / kən,kæn /

A1
  • noun
  • A metal container for storing food
  • other
  • Able to; have the skill to; have the time to
  • verb
  • To have permission to
  • To be possible to do
  • To preserve food by sealing it in a metal container

online

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US / ˌɒnˈlaɪn /

UK / ˌɑ:nˈlaɪn /

B1
  • adjecitve
  • Connected to the internet

reasonable

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US / ˈri:znəbl /

UK / ˈrizənəbəl /

A2
  • adjecitve
  • Being somewhat good, but not great
  • Fair and sensible; appropriate

helpful

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US / ˈhelpfl /

UK / ˈhɛlpfəl /

A2
  • adjecitve
  • Doing things that help someone

whole

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US / həul /

UK / hol /

A1
  • adjecitve
  • Complete or full; all of
  • Being in a good condition
  • noun
  • Complete amount or sum; total

necessary

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US / 'nesəsərɪ /

UK / ˈnɛsɪˌsɛri /

A1
  • adjecitve
  • Needed or required; unavoidable

host

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US / həʊst /

UK / host /

A2
  • noun
  • Mass; a great number
  • Person who entertains guests
  • Plant or animal on or in which parasites live
  • Presenter on a television or radio program
  • verb
  • To be the sponsor of an event, e.g. the Olympics
  • To lead or start a party, program, or other event
  • To lead a TV or radio show as the announcer

pensioner

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US / ˈpenʃənə(r) /

UK / ˈpɛnʃənɚ /

B1
  • noun
  • Someone receiving a pension after they retire

good

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US / ɡʊd /

UK / ɡʊd /

A1
  • adjecitve
  • Proper, appropriate or right
  • (Of an amount) enough; plenty
  • Excellent; high quality
  • Acting well or properly; of moral character
  • In a positive or happy emotional state
  • noun
  • Advantage or benefit

involve

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US / ɪn'vɒlv /

UK / ɪnˈvɑlv /

A2
  • verb
  • To have or be included as a part of something

our

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US / 'aʊə(r) /

UK / aʊr /

A1
  • determiner
  • Belonging to us

measure

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US / ˈmeʒə(r) /

UK / ˈmɛʒɚ /

A1
  • noun
  • Plan to achieve a desired result
  • Tool used to calculate the size of something
  • verb
  • To determine the value or importance of something
  • To calculate size, weight or temperature of

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

privatize

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US / ˈpraɪvətaɪz /

UK / ˈpraɪvəˌtaɪz /

B2
  • verb
  • To sell a government-owned company to the public

provincial

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US / prəˈvɪnʃl /

UK / prəˈvɪnʃəl /

B1
  • adjecitve
  • People living out of a main city
  • Unsophisticated; narrow-minded

final

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US / ˈfaɪnl /

UK / ˈfaɪnəl /

A1
  • adjecitve
  • That will not be changed; permanent
  • Being the last thing in a series
  • noun
  • Last game in a series in a competition

want

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US / wɔnt /

UK / wɑnt, wɔnt /

A1
  • noun
  • Something you desire or wish for
  • State or condition of poverty
  • verb
  • To desire or wish for something; hope for a thing

ceo

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US / ˌsiː iː ˈəʊ /

UK / ˌsiː iː ˈoʊ /

C2
  • abbreviation
  • CEO for Chief Operating Officer

productive

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US / prəˈdʌktɪv /

UK / prəˈdʌktɪv, pro- /

B1
  • adjecitve
  • Producing things in large quantities; fertile
  • Doing a lot of work and achieving a lot
  • Subtitles section
  • has been outspoken on.
  • David Dodge is the former Bank of Canada governor and he joins us now.
  • David, good morning.
  • Thanks very much for your time.
  • Good morning.
  • All right.
  • You've had a couple of days here now to process all of the details from the budget.
  • What's your overall takeaway?
  • Well, first, it, along with the provincial budgets, is really not very helpful to the Bank of Canada in terms of dealing with inflation.
  • So that's unfortunate.
  • The big problem is that most of what the minister did was to concentrate on raising current consumption rather than promoting investment in machinery, equipment, and intellectual property, which is really necessary.
  • in order to provide workers with the capital that will allow them to be more productive.
  • And that has been a problem now in Canada for a number of years, and this budget continued to emphasize that particular problem.
  • And I guess the last two points I would make is I think it was very unfortunate, the capital gains measure from the point of view of investment in risky new investment in Canada.
  • It simply makes Canada less attractive place for that investment to take place.
  • certainly less attractive for small startups in this country, remembering that startups really rely on paying their people with shares, and the capital gains tax simply makes that less attractive.
  • Again, then the final point I would make, which I think is really unfortunate,
  • The government said that they were going to try to boost the optimism of twenty and thirty year olds and their ability to participate in the economy.
  • But in fact, by simply raising the amount of debt outstanding,
  • And I would note that the government of Canada now is going to be borrowing almost a hundred billion dollars next year to fund both the online deficit and the off budget items.
  • It's these young voters that are going to be saddled
  • with the debt going forward.
  • And so in a budget that was supposed to be aimed at helping that particular group, in fact, we have a budget which is very unhelpful for them over the medium term.
  • which is definitely a different message than what we were getting from the federal government.
  • So, I mean, at the end of the day, what kind of picture does it paint for the economy longer term, in your opinion?
  • Well, unfortunate, and this is at the end of a number of years of budgets that have focused on distribution and focused on increasing current consumption to cope with the cost of living.
  • But failing to recognize that that cost of living problem comes from the fact that our productivity has been stagnant or falling over that whole period since the year of the virus.
  • It's certainly stagnant in real terms, absolutely falling relative to all of our peers.
  • And Canada simply looks like a less attractive place to invest now in the year of next year than it did in the middle of the last decade.
  • And I think that is the unfortunate thing, because it's only through investment, innovative investment, that in fact,
  • We're going to raise our standards of living in the future.
  • This is, I would say, unhelpful.
  • I wouldn't say totally surprising, but unhelpful in paving the way for a brighter future for the Canadian economy looking five and ten years down the road.
  • Speaking of the subject of investing in Canada, one of the other developments, as you know, another former Bank of Canada governor, Stephen Poloz, is going to be providing some perspective on this big subject where there is this curiosity around seeing our own pension funds invest more in Canadian business.
  • We saw a whole host of CEOs sign a letter
  • And some in the investment community have called for this, largely speaking from the pension fund community.
  • Their reaction has been negative to it.
  • They feel that at the end of the day, since their stakeholders are Canadians and they're looking around the world for the best returns, that they don't want government getting involved on that.
  • In terms of getting more investment in Canada, how do you feel about this as one of the possibilities?
  • Look, the job of a pension fund is to raise money to pay pensioners.
  • I'm a pensioner, so I'm on the side of the pension funds, and the pension funds are going to invest where they can get a reasonable return.
  • It's not that they are anti Canada in terms of their investment.
  • It's the types of investment that they make.
  • with long run investments, with a focus on infrastructure and infrastructure like investments.
  • We in Canada do not provide the funds, the opportunity to make those investments here.
  • We do not have toll roads so that pension funds can invest in road infrastructure.
  • We do not have privatized airports or privatized ports so that pension funds can invest in those things.
  • And so it's not surprising that our pension funds
  • have to go abroad to make those sorts of investments.
  • So that's number one.
  • It's a failure not of pension funds or pension legislation, it's a failure of our inability and unwillingness, governments, federal and provincial, unwillingness to provide those opportunities.
  • And so if indeed,
  • And if firms in Canada can deliver a profit outlook that looks as reasonable and good as the profit outlook abroad, then they're responsible to invest in Canada.
  • The fact that they haven't is a failure to produce the sorts of returns on Canadian investment that they can get in foreign investments.
  • All right.