MBP Intelligence Briefing

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/

In this first of 2026 episode, Ben Woodfinden, Tyler Meredith, and Shannon Phillips are joined by Rory Johnston of Commodity Context, University of Toronto’s Munk School, and host of The Oil Ground Up Podcast to unpack the shock U.S. operation in Venezuela and the ripple effects for Canada.The conversation focuses on the Canadian angle: what this episode signals about U.S. strategy and instability risk, how Venezuelan heavy crude could affect Western Canadian Select pricing, what it means for TMX and Asia-bound exports, and why the case for additional Canadian egress and demand diversification is strengthening.In this episode, they discuss:• What the U.S. operation in Venezuela signals about American “hemispheric dominance,” and the destabilization risks if there is no credible post-operation plan• The split between strategic rhetoric and resource mercantilism, and why “regime change” framing may not match reality on the ground• How sanctions, blockades, and forced trade flows could reshape heavy crude dynamics and WCS differentia• What the Venezuela shock could mean for TMX utilization, China demand, and Canada’s evolving export geography• The pipeline policy implications for Canada: westbound egress, energy security, and the federal–provincial bargaining terrain in a weaker price environmentKey TakeawaysOn U.S. Strategy, Regime Outcomes, and Instability Risk• WOODFINDEN: The execution may have been “clinical,” but the absence of a coherent follow-through plan elevates risks of prolonged instability and spillover effects (including migration and regional disruption)• MEREDITH: The intervention is notable for how openly transactional it is—less “democracy promotion,” more direct resource monetization and control over proceeds• PHILLIPS: Diaspora expectations and political messaging can diverge sharply from realities on the ground, especially if elections and institutional reform are not central to the planOn Venezuela’s Oil Sector and the Limits of a Quick Production Surge• JOHNSTON: Venezuela has massive reserves, but above-ground constraints are severe—human capital loss, decayed infrastructure, and unattractive fiscal terms make rapid rehabilitation highly uncertain• JOHNSTON: The “low-hanging fruit” is not new production; it is simply allowing blocked barrels to flow—exports can rebound faster than capacity can be rebuilt• JOHNSTON: Large-scale restoration is a multi-year, tens-of-billions proposition, and majors will be hesitant absent credible stability, durable rules, and risk-adjusted returnsOn WCS Differentials and Canada’s Competitive Exposure• JOHNSTON: If Venezuelan barrels resume flowing primarily to China, the immediate impact on WCS at Houston should be limited; the pressure intensifies if barrels are forced into the U.S. Gulf Coast to compete directly with Canadian heavy• JOHNSTON: Market narratives have likely over-shot—Canada has historically competed with Venezuelan heavy; the bigger Canadian vulnerability is policy/egress constraints rather than “existential” competition• PHILLIPS: In a softer market, even modest widening in heavy differentials can translate into material public-revenue hits, amplifying fiscal stress in resource-dependent provincesRory Johnston’s Contact Details: Twitter: x.com/Rory_Johnston Web: www.commoditycontext.com (www.commoditycontext.com/) Contributor - Venezuelan Article of Interest: thedispatch.com/newsletter/dispatch-energy/trump-venezuela-oil-maduro/

In this year-end episode, Ben Woodfinden is joined by Ken Boessenkool, Tyler Meredith, and Shannon Phillips for a wide-ranging policy roundtable reflecting on the most consequential, overlooked, and misguided policy developments of 2025, alongside a forward-looking discussion of what to watch in 2026.The conversation focuses on structural policy shifts across fiscal rules, defence spending, climate policy, healthcare reform, democratic institutions, and housing. The episode also examines how geopolitical uncertainty, particularly related to the United States, is reshaping Canada’s fiscal, monetary, and defence posture.This marks the final episode of 2025, with the show returning in early January 2026.In this episode, they discuss:• The most consequential policy shifts of 2025 across fiscal rules, climate, defence, and housing• How geopolitical uncertainty reshaped Canada’s defence spending and fiscal posture• The evolving role of democratic institutions, including the Senate and referendum politics• Diverging provincial approaches to healthcare reform and federal constraints• What policy risks and opportunities to watch as Canada enters 2026Key TakeawaysOn the Most Significant Policy Developments of 2025• PHILLIPS: Continuity under a Liberal government preserved health, social, and childcare programs despite expectations of major change• MEREDITH: Separating operating and capital spending permanently expands federal fiscal capacity• BOESSENKOOL: Ending the consumer carbon tax marks a major retreat from market-based climate policy• WOODFINDEN: Canada’s rapid shift toward higher defence spending represents a structural policy realignmentOn Defence Spending, Fiscal Rules, and Political Alignment• WOODFINDEN: Defence spending has moved from political taboo to broad consensus• MEREDITH: New fiscal rules have reduced concern about deficits and debt financing• PHILLIPS: Defence budgets create opportunities for workforce development beyond procurement• BOESSENKOOL: Political fragmentation has lowered resistance to large-scale defence investmentOn the Senate and Democratic Institutions• BOESSENKOOL: Moving away from a technocratic Senate could significantly alter governance• MEREDITH: An independent Senate has increased scrutiny but slowed legislation• WOODFINDEN: The Senate’s real test may come under a future Conservative government• PHILLIPS: Civil society has a role in shaping how partisanship functions in democratic institutionsOn the “Worst” or Most Misguided Policy Developments• MEREDITH: Ontario’s symbolic megaprojects reflect a lack of economic strategy• BOESSENKOOL: Alberta’s lowered thresholds for recall and referendums empowered destabilizing actors• PHILLIPS: Book bans and separation referendums highlighted symbolic and counterproductive policymaking• WOODFINDEN: Canada’s repeated transit failures reveal systemic infrastructure weaknessesOn Looking Ahead to 2026• WOODFINDEN: Co-hosting the FIFA World Cup risks high public costs for limited return• MEREDITH: U.S. monetary policy leadership changes could destabilize global markets• BOESSENKOOL: Provinces will increasingly diverge on healthcare reform• MEREDITH: The federal government is likely to defend the Canada Health Act if private payer models expandOn Underrated Policy Developments• MEREDITH: Automatic benefits enrollment simplifies access and improves delivery• PHILLIPS: Crackdowns on fraudulent career colleges protect workers and students• BOESSENKOOL: The personal support worker tax credit functions as a targeted wage subsidy• WOODFINDEN: Housing outcomes are increasingly diverging by city and regionYouTube Video Credits: CBC News, CTV News, Global News, 4K Films By Adnan, Videoscape, Pierre Poilievre, balcony et-al, Luis Vega, Shape Properties, GommeBlog, Exploring Stunning Landscapes From Above, Motion Array

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/

The MBP Intelligence Briefing delivers exclusive, insider insight into the policies, decisions, and dynamics shaping Canada’s political and economic landscape.Hosted by Ben Woodfinden, Director of MBP Intelligence and Senior Advisor at Meredith Boessenkool & Phillips, the series features weekly conversations with MBP partners Ken Boessenkool, Tyler Meredith, and Shannon Phillips, along with a monthly guest bringing fresh perspective from business, media, or public policy.Listeners can expect a mix of roundtable discussions unpacking the week’s biggest developments and in-depth interviews exploring emerging ideas and long-term trends. From fiscal outlooks and trade strategy to the forces influencing governance, regulation, and public life, each episode delivers context and clarity rooted in real experience inside government, policy, and politics.This is your exclusive MBP Intelligence Briefing, context, clarity, and strategy for Canada’s evolving political economy.You’re listening to the first 10 minutes of this week’s episode, the full one-hour roundtable is now available exclusively to members of MBP Intelligence.Want the Full Episode?Become a member to unlock:The full, ad-free weekly MBP Intelligence Briefing podcast (1-hour roundtable)Exclusive reports, policy briefings, and member newslettersInvitations to private discussions and eventsAccess to a growing community of policymakers, business leaders, and thinkers shaping the national conversationJoin MBP Intelligence here: https://mbpolicy.com/intelligence/