Trade union Solidarity expressed its discontent at the Budget Speech delivered in the National Assembly.
According to Gerhard van Onselen, economics researcher at the Solidarity Research Institute, the 2018 Budget would put a further damper on economic growth. “There is no apparent deviation from the harmful ANC policy we have had to face for so many years. In fact, higher VAT and a higher fuel levy together with no real sign of a cut in government spending, in reality put the economy on a weaker footing,” Van Onselen said.
Van Onselen contends that taxpayers and consumers will have to bear the heavy burden of ANC policy.
Van Onselen furthermore said that all the optimism about the curbing of government spending that followed Pres Ramaphosa’s State of the Nation Address was misplaced. “It appears that this budget is a continuation of the pipe dreams built on debt,” Van Onselen added.
The Solidarity Research Institute will shortly issue a more detailed commentary on the perturbing impact of the budget.