This news isn't surprising, given his age and his aspirations to be the Liberal Garneau are all but done. What this does show me is that this is part of a series of announcements of prominent Liberals who don't plan to run again. Freeland is another one who is expected to leave by joining NATO. The party is in a state of transition and JT won't be able to keep control as leader for much longer.
And for those expecting big things from PP... he is a career politician so those are the experiences he will draw upon. Don't expect a lot of out of the box thinking when it comes to him.
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