Independent media needs you. Join the Tyee.

The Hook: Political news, freshly caught

Finance Minister Jim Flaherty quits cabinet

[Editor's note: Breaking news from iPolitics.]

Prime Minister Stephen Harper will swear in a new finance minister Wednesday following Jim Flaherty's abrupt announcement Tuesday that he is resigning cabinet to return to the private sector.

In a statement, Flaherty said he made the decision -- with the guidance of his family -- "earlier this year."

"As I reflect on my almost two decades in politics, I am proud of the accomplishments of the governments I was part of, provincial and federal," he wrote.

Government sources said the swearing-in with Harper and Governor General David Johnston will take at a private ceremony. They did not say if it will take place before the markets open.

While Flaherty has been telegraphing his intention to leave the finance ministry for some time, sources say he informed Harper Monday during a face-to-face meeting in Ottawa.

Flaherty has served as finance minister and as Conservative Member of Parliament for Whitby-Oshawa since 2006. Before jumping to federal politics, Flaherty served as an MPP for the Ontario Progressive Conservatives.

"I leave feeling fulfilled with what we have accomplished as a government and a country during one of the most challenging economic periods in our country's history," he wrote in the statement.

Earlier this year, Flaherty delivered a budget that puts the government in line to balance the books by 2015, an electoral promise made by the Conservative government during the 2011 election.

Canadians, Flaherty wrote, should be proud of the Harper government's years of work to balance the federal budget.

"There is no doubt that Canada's budget will be balanced in 2015. Canada's fiscal position is the envy of the developed world," he wrote.

Despite his references to the next "chapter" in his life, Flaherty's office confirmed to iPolitics that the minister will be staying on as an MP, for now.

"He'll announce his plans when he's ready," his director of communications said in an email to iPolitics.

Flaherty's health has been the subject of speculation in recent months. On steroids for a non-life-threatening skin condition, Flaherty has been criticized for slowing down in his cabinet duties.

His office, though, maintained the condition would not affect his work.

Flaherty made reference to his health in his statement, saying he has received strong support from his family and from Canadians. The decision to leave federal politics, Flaherty wrote in the statement, had nothing to do with his illness.

"I am happy to report that I am on the road to a full recovery and the decision to leave politics was not related in any way to my health," he said.

"This decision was made because it is the right one for me and my family at this time."

Prime Minister Harper accepted Flaherty's resignation with "great reluctance," saying the move will allow him to "eventually" move back into the private sector. It remains unclear whether Flaherty already has a new job.

"In a political career of almost 20 years, Minister Flaherty has exemplified the best qualities of those who enter public life: a true commitment to service, and a sincere desire to leave the country in better shape than it was when he entered politics," the prime minister said in a press release issued Tuesday afternoon.

Harper went on to thank Flaherty for his "service" and said he will announce the minister's replacement in the coming days. It is unknown, at this point, who is in line to replace Flaherty.

Annie Bergeron-Oliver reports for iPolitics, where this article first appeared. With files from Laura Beaulne-Stuebing and Elizabeth Thompson.

Find more in:

What have we missed? What do you think? We want to know. Comment below. Keep in mind:

Do:

  • Verify facts, debunk rumours
  • Add context and background
  • Spot typos and logical fallacies
  • Highlight reporting blind spots
  • Ignore trolls
  • Treat all with respect and curiosity
  • Connect with each other

Do not:

  • Use sexist, classist, racist or homophobic language
  • Libel or defame
  • Bully or troll
  • Troll patrol. Instead, flag suspect activity.
comments powered by Disqus