The Treasury is counting on a hard and frank negotiation with labour to bail it out of its fiscal hole by contributing the lion’s share of the R50bn the government needs to stabilise its finances.

Finance minister Tito Mboweni said at a media briefing before delivering the medium-term budget policy statement that he hopes for “a serious conversation that was patriotic, country-loving, showed awareness of the difficulties; and involved no grandstanding”.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now