Budget Speech 2014: A brief overview
Summary of the key features of the 2014 Budget Speech.
Minister of Finance, Pravin Gordhan presented the fifth and last budget of President Jacob Zuma’s first term on 26 February.
Lauded by some as avoiding being populist and being pragmatic, others called it an “pro-poor electioneering tool”.
Gordhan indicated in his speech that the budget is focused on “the transformation imperatives that will accelerate growth, create work opportunities and build a more equal society”.
According to Gordhan the budget also aims at intensifying the National Development Plan, which has been criticised by the ANC’s alliance partner, the South African Communist Party (SACP) and even from within the party’s far left contingent.
In his overview of the budget Gordhan said that the global economy remains unsteady and that South Africa’s economy has continued to grow although slower than what was projected the year before. According to the minister growth of 2,7 per cent is expected in the following year.
Various benefits for households and businesses were announced in the budget speech such as a R9,3 billion tax relief for households and increased support and tax relief for entrepreneurs.
For the full article read next week’s edition of the Record.
