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2016 Budget Breakfast – A political and economic reaction to the latest budget

25 February 2016   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

The 2016 Budget Breakfast took place at the Cape Town International Convention Centre this morning and was streamed live to various venues across the country.  Finance Minister Pravin Gordhan’s speech was met with mixed reactions yesterday and this is what the experts had to say about it.

The political reaction to the budget

Mmusi Maimane, Leader of the Opposition, Democratic Alliance @MmusiMaimane:

  • "In the context of where our economy is, the budget should have been bolder than what it was.”

African National Congress @myanc_:

  • "What matters from today onwards is what we all do together to create jobs and eliminate inequalities” 
  • "Minister Pravin Gordhan has the full support of the ANC, as long as he remains the Finance Minister.”

Nqabayomzi Kwankwa, Chief Whip, UDM @N_Kwankwa: 

  • "The taste of the pudding will be in the eating.”

Dr. Pieter Mulder, National Leader, Freedom Front+ @pieter_mulder: 

  • "@MRPRAVINGORDHAN did the right thing as far as I am concerned”
  •  "Ratings downgrade might be delayed but is inevitable.”

Floyd Shivambu, Deputy President, Economic Freedom Fighters @FloydShivambu: 

  • "In the current political context,@MRPRAVINGORDHAN tried assure international investors that SA should not be downgraded”
  • "Let us not be partisan, let us show a united face to the rest of the world.”

Ranjeni Munusamy, Associate Editor, Daily Maverick @RanjeniM: 

  • "Politics in SA is often poetry in motion and you’ve seen it here at #budgetbreakfast2016.”

Unpacking the 2016 budget: Its likely economic consequences

On a scale of 1 – 10, panellists rated Budget 2016 between 5 and 8

Keith Engel, Chief Executive Officer, SA Institute of Tax Professionals (moderator)

  • "The real issue in private sector investment is confidence.”

Iraj Abedian, Chief Executive, Pan-African Investment & Research @IrajAbedian: 

  • "To grow an economy you need to play your strengths.”
  • "Growth is not an event, it’s a process.”    
  • "The genius of what happened yesterday is the introduction of expenditure tax.”

Tania Ajam, Director, Inca Portfolio Managers and Member, Davis Tax Committee:

  • "First time we’ve seen the consolidated budget balance go into surplus.”
  • "It’s up to Parliament and institutions of government to up their game.”

Thabo Legwaila, Head of Tax: Africa, CitiBank and Member, Davis Tax Committee @Citibank: 

  • "Government held back, may increase taxes in the future.”

Konrad Reuss, Managing Director, Standard & Poor's: 

  • "The downward trend is not easily arrested.”
  • "Middle class is far too small; we need growth and job creation for social stability.”

Dawie Roodt, Chief Economist, Efficient Group  @Dawie_Roodt:

  • "Minister Pravin Gordhan has been a little bit economical with the truth, despite knowing his numbers well.”

Follow @TheSaitSA on Twitter  #budgetbreakfast2016  - To see more of what you might have missed out on at this year’s Budget Breakfast, please click here.  

If you weren’t able to join us this morning – the event will repeat on Business Day TV @BusinessDayTV (DSTV channel 412) at 16:00.


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