Category: 3. Business

The governments of Canada and Quebec, the City of Montréal and the Fonds de solidarité FTQ are joining forces to remind people how important it is to work together to provide the most vulnerable among us with healthy, safe and affordable accommodations. The partners gathered at the Saint-Laurent campus of Old Brewery Mission on Clark Street to announce funding for five housing projects with a total of over 100 new units for people experiencing homelessness or at risk of becoming homeless in Montréal.

The projects, which are being coordinated by community real estate NPOs, Groupe CDH and Corporation Mainbourg, have received more than $44 million in funding from the governments of Canada and Quebec and the City of Montréal. This good news is the result of a lot of hard work and determination on the part of Old Brewery Mission, Maison St-Dominique, L’Artère de l’Est and Ma Chambre.

Sonia Bélanger, Quebec Minister Responsible for Seniors and Caregivers, Minister Responsible for Social Services and Minister for Health, Chantal Rouleau, Quebec Minister Responsible for the Metropolis and the Montréal region, Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources and Member of Parliament for LaSalle – Émard – Verdun, and Claude Pinard, Chair of the Executive Committee of the City of Montréal responsible for homelessness, made the announcement along with numerous partners.

About the projects:

Quotes:

“Our government is committed to helping communities strengthen their capacity to develop local solutions to housing and homelessness needs. This housing project will provide more safe and affordable housing for some of Montréal’s most vulnerable residents. It’s also another step toward building an economy that works for everyone.”

“Once again, the winter weather reminds us that homelessness is a concern that calls for a comprehensive response. Clearly, housing is an important part of the solution. We must provide these citizens with a sense of safety and dignity that will have a positive impact on their journey. I’m thrilled to announce that through our combined efforts, we will provide more than 100 new housing units for these individuals in Montréal, and we remain fully committed to stepping up our work to give even more people a place to rebuild their lives with dignity.”

“Our government is determined to help municipalities find local solutions to homelessness. This project will quickly address the pressing housing needs of Montréal’s most vulnerable residents, including those experiencing or at risk of homelessness. In collaboration with the Government of Quebec, the City of Montréal, Fonds de solidarité FTQ and our many partners, we are helping to build a stronger Canada for everyone.”

“These projects show how important it is to work together not only to provide people with a place to live but also offer support for people experiencing homelessness or at risk of becoming homeless. Together, we are creating spaces where they can find the stability and support they need to look to the future with hope. Our government has reiterated its steadfast commitment to ensuring that every Quebecer has a home, support and hope of a better future.”

“The projects we are announcing today will make a real difference for people in difficult situations, in Montréal and in LaSalle – Émard – Verdun. Every project like this draws us closer to the country we want to build — a country where everyone has access to a safe and affordable place to call home.”

“Our metropolis must offer everyone safety and dignity. Thanks to the mobilization of partners, Montréal is implementing solutions to support the most vulnerable. Together, we are building a more humane city, where no one is left behind.”

“Since taking office, with the support of our crisis response team, we have put in place swift and concrete measures while actively working toward long-term solutions. In collaboration with our partners, I am proud to announce the completion of five housing projects aimed at supporting Montréalers who need it most. This announcement fully aligns with our administration’s vision: a humane, respectful, and sustainable approach to addressing homelessness.”

“The urgency to take action on homelessness is undeniable. Beyond support services, we need to accelerate housing starts to create communities that can offer vulnerable people a new direction. This is what my teams are committed to, through our partnership with the Government of Quebec. The announcement today of these five projects is a concrete example of how we can quickly implement sustainable solutions.”

“By investing in social housing, we invest in people’s dignity and in stronger, healthier boroughs. Each new unit alters a life path. We see this every day. Four new projects, one each by Ma Chambre and Maison St-Dominique and two by Old Brewery Mission, will provide a home for 101 vulnerable people at risk of becoming homeless. With the help of the Fonds immobilier de solidarité FTQ, we’re taking action and building the future.”

“Corporation Mainbourg is proud to contribute its expertise in development and community real estate management to the L’Artère de l’Est project. By combining our strengths with L’Artère de l’Est’s specialized support for young people facing housing insecurity, we ensure that the right expertise is in the right place. This collaboration has resulted in the rapid development of a critical project for vulnerable people, and it’s exactly the type of partnership we want to see more of.”

“Today’s announcement is a concrete example of what we can achieve when governments, community organizations and financial institutions work together. These two projects are our first housing offerings in Le Sud-Ouest. They will provide people whose life trajectories have been disrupted for various reasons with not just a home, but also a safe and dignified living environment. Each of the 31 units in our Monk Street and De l’Église Street projects represents a real opportunity for them to get back on their feet and build a brighter future. We’re proud to contribute to this collective and sustainable response to the Montréal housing crisis. Breaking the cycle of homelessness requires the construction of new housing units like these.”

“The St-André project will help 32 people move out of vulnerable situations as early as March 2026 by adding 32 new rooms to our housing portfolio of 237 units. In the context of the homelessness crisis we are facing, this project will transform 32 life paths. 32 people will regain dignity and hope thanks to this initiative.”

“It’s thanks to partners like the Fonds de solidarité FTQ and the Government of Quebec that the L’Artère de l’Est project got off the ground. A team of more than 30 people, mostly volunteers, worked tirelessly on the project that had been eagerly awaited by the East Montréal community, as demonstrated by the hundred or so people who came to the official inauguration in November. In under two months, in a newly renovated 100-year-old home, we welcomed nearly 30 young people aged 16 to 23 for temporary or emergency housing. These young L’Artère de l’Est residents now have a bed, clothing, meals and snacks and are supported in their journey to independence.”

“This new 38-unit project will enable Maison St-Dominique to provide stable and secure housing for individuals living with mental health challenges and at risk of homelessness. By combining access to quality housing with personalized community and psychosocial support, we promote residential stability and social inclusion for our residents.”

About the Fonds de solidarité FTQ – Québec agreement:

Under the innovative partnership between the Government of Quebec and the Fonds de solidarité FTQ, 2,278 new social and affordable housing units are to be built by 2027. Most of the projects are new builds, but the roadmap also includes the acquisition of existing buildings to renovate them and help keep rents affordable over the long term.

About the Société d’habitation du Québec:

The SHQ works to meet the housing needs of Quebecers, including by increasing housing supply throughout the province for people with low or moderate incomes and for those with special needs. It supports its partners in the fields of construction and renovation, property management and home adaptation. It also provides direct financial assistance to low-income households so that they can pay their rent.

To find out more about its activities, visit www.habitation.gouv.qc.ca/english.html.

Follow us on: Société d’habitation du Québec on Facebook, Société d’habitation du Québec on X (formerly Twitter), and Société d’habitation du Québec on LinkedIn.

About Canada Mortgage and Housing Corporation (CMHC):

Visit canada.ca/housing for the most-requested Government of Canada housing information.

CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Its mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government and the private and non-profit sectors, CMHC contributes to advancing housing affordability, equity and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.

Follow CMHC on X, YouTube, LinkedIn, Facebook and Instagram.

Sources:

Emmanuella S. Proulx
Press Secretary to the
Quebec Minister Responsible for Housing and
Quebec Minister Responsible for the Status of Women
emmanuella.proulx@habitation.gouv.qc.ca

Renée LeBlanc Proctor
Office of the Minister of Housing and Infrastructure
renee.proctor@infc.gc.ca

Chiara Wipfli
Press Secretary to Mayor Soraya Martinez Ferrada
City of Montréal
Chiara.wipfli@montreal.ca

Information:

Media Relations
Société d’habitation du Québec
medias@shq.gouv.qc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca

Public Affairs and Protocol
City of Montréal
relationsmedias@montreal.ca

Josée Lagacé
Fonds immobilier de solidarité FTQ
jlagace@fondsimmobilierftq.com

Periods of heightened uncertainty have become a defining feature of the global economic landscape, challenging central banks in unprecedented ways. The shocks of recent years – from the Covid-19 pandemic and persistent inflation to volatile financial conditions and geopolitical tensions – have tested the resilience of monetary policy frameworks and the agility of policy responses worldwide. Against this backdrop, central banks have reassessed their analytical tools, decision-making processes and communication strategies to ensure the continued effectiveness and credibility of monetary policy.

This volume offers a unique window into the experiences of central banks across the Americas and beyond, providing a comprehensive view of how institutions have navigated uncertainty in recent times. Drawing on both survey-based evidence and in-depth case studies from individual central banks, the chapters explore the evolving role of scenario analysis, the integration of high-frequency data and expert judgment, and the increasing importance of transparent and adaptive communication. Real-world experiences from 10 countries illustrate the diversity of challenges they face and the range of innovative responses they have developed.

One of the central themes emerging from these contributions is the need for a risk management approach to monetary policy. As the limits of models are exposed in times of heightened uncertainty, central banks are adopting more systematic scenario analysis, broadening their toolkit to include alternative models, and embracing intellectual humility in policy deliberations. At the same time, effective communication has become an indispensable policy instrument. Central banks are placing greater emphasis on clarity, transparency and accessibility, aiming to anchor expectations and maintain trust even when the outlook is clouded by uncertainty.

The chapters also highlight the value of institutional flexibility. Whether through adapting forward guidance, refining inflation forecasts or incorporating new data sources, central banks are demonstrating the importance of being able to respond rapidly as conditions evolve. The collective experience documented here underscores that uncertainty is not an exception but a constant in monetary policymaking. In response, central banks are learning to assess and communicate its implications with greater rigour and openness.

This volume stands as a testament to the power of collaboration and knowledge-sharing within the central banking community. It was brought to fruition by the efforts of the Consultative Group on Monetary Policy (CGMP) with support from the BIS Americas Office over the course of 2025 under the auspices of the Consultative Council for the Americas. It is intended as a resource for policymakers, researchers and practitioners seeking to understand and strengthen the foundations of monetary policy in an uncertain world. By sharing lessons learned and best practices, this volume will contribute to the ongoing development of resilient, credible and transparent policy frameworks that can meet the challenges of today and tomorrow.

JEL classification: E44, E58, F42, G01

Keywords: uncertainty, monetary policy, monetary policy communication, monetary policy reaction function, forward guidance, high-frequency data, scenario analysis

Ofqual has fined exam board Pearson more than £2 million in total for serious breaches in 3 separate cases between 2019 and 2023 which collectively affected tens of thousands of students.

The financial penalties of £750,000 each for 2 of the cases, and £505,000 for the other, are among the highest fines issued by Ofqual, reflecting the seriousness of Pearson’s failures.

The cases concerned:

• GCSE English language 2.0 (1EN2) – £750,000 fine.

Pearson failed to identify and effectively manage a risk of inconsistent grading standards between its GCSE English language qualification and the new GCSE English language 2.0 qualification, despite Ofqual highlighting the risk in 2022 and 2023. When standards for Pearson GCSE English language 2.0 were realigned with GCSE English language in summer 2024, students received correct but unexpectedly lower results. This undermined public confidence in those results and led to complaints to Ofqual.

The alternative GCSE English language exam had been introduced by Pearson in 2022 and marketed towards post-16 students who had not achieved grade 4, including those taking re-sits. It had 23,165 student entries in 2023.

• Pearson Edexcel GCE A level in Chinese (spoken Mandarin/spoken Cantonese) – £505,000 fine.

Ofqual’s review of assessments from 2019, 2022 and 2023 identified multiple issues with how questions were set, and responses marked, that were inconsistent with requirements. Pearson missed opportunities to resolve the issues after teachers and others raised concerns. Around 12,000 students were affected, particularly non-native Chinese speakers who were disproportionately disadvantaged by the assessments being inappropriately demanding for them.

• Pearson PTE Academic Online (PTEA Online) English language test – £750,000 fine.

The English proficiency test enables international students to meet university entrance requirements. The online version, now discontinued, enabled around 5% of candidates to take the test online at home, rather than at a secure centre. In 2023, malpractice involved other people sitting the secure test on the student’s behalf, avoiding the remote invigilation safeguards Pearson had put in place. Although Pearson identified the incident and revoked 9910 results affected, it admitted it should have identified the malpractice sooner and reported it to Ofqual earlier than it did.

Amanda Swann, Ofqual’s Executive Director for Delivery, said:

These fines reflect the serious nature of Pearson’s failures as well as our commitment to protecting students’ interests and maintaining public confidence in our qualifications system.

Students must be able to trust that their results, and those of their peers taking the same qualifications, accurately reflect their performance, in line with appropriate standards. Students’ work must also be their own.

This action is necessary to deter Pearson and other awarding organisations from similar failings in future.

Pearson has now been fined 7 times by Ofqual. The highest financial penalty issued by Ofqual was in 2022 when Pearson was fined £1.2 million for failures with reviews of marking arrangements between 2016 and 2019.

Ofqual’s enforcement panel also took into account mitigating factors in concluding that the 3 fines announced today were appropriate for Pearson’s breaches of its Conditions of Recognition. These included Pearson accepting the breaches and entering into settlement agreements.

Ofqual has today published 3 Final Notice documents, reflecting the settlements agreed for each case.

Pearson: Notice of monetary penalty and costs recovery – GCSE English

Pearson: Notice of monetary penalty and costs recovery – A level Chinese

Pearson: Notice of monetary penalty and costs recovery – PTE

Background information 

Ofqual’s Supporting compliance and taking regulatory action guidance sets out how it will use its powers to take regulatory action.

Previous cases and fines can be viewed in Regulatory actions and interventions by Ofqual – GOV.UK.

Three companies have pleaded not guilty to health and safety offences over the death of a site supervisor at the new Hinkley Point C power station.

Jason Waring, 48, from Nottinghamshire, died in a construction incident at the plant in Bridgwater, Somerset, on 13 November 2022.

Mr Waring worked for one of the site’s main contractors Bylor, a joint venture between two of the companies facing charges – Bouygues Travaux Publics SAS and Laing O’Rourke Delivery Limited.

NNB Generation Company (HPC) Ltd, a subsidiary created by EDF Energy to build Hinkley Point C, also pleaded not guilty at Bristol Magistrates’ Court. The case is set for another hearing at Bristol Crown Court on 30 January.

The decision to bring legal proceedings followed an investigation by the Office for Nuclear Regulation.

NNB Generation Company (HPC) Ltd, the principal contractor, is charged with failing to plan, manage and monitor the construction phase and co-ordinate matters relating to health and safety.

Contractors Bouygues Travaux Publics SAS and Laing O’Rourke Delivery Limited are both charged with failing to plan, manage and monitor to ensure that construction work was carried out without risks to health and safety.

Previously, Mr Waring’s wife Sarah said her husband was the “life and soul of the party”.

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