LUKANYO MNYANDA: UK budget reminds us there is no free money
A week after finance minister Tito Mboweni unveiled his budget, his UK counterpart, one of the heirs of Margaret Thatcher, did the same. It was interesting to observe how different were the headlines they generated, perhaps not in the way one would have expected.
One of the standout measures from Mboweni was an intention to cut corporate taxes from the 2022/2023 financial year, having in the meantime committed to slashing spending, including a wage freeze for public servants and a below-inflation increase for grant recipients. The budget was also notable for its lack of new taxes on SA’s middle classes, largely in recognition of the small tax base and its ability to take more pain after Covid-19 and associated lockdowns battered the economy and incomes. ..