budget speech 2016

Posted at November 7, 2020

Until you’re 50. The most famous of these clusters is Silicon Valley. Municipal capital spending exceeded R53 billion in 2014/15. They constructed new airports, subways, pipelines and communication networks. Today’s  Budget sets out government’s plans for the next three years, building on what we have achieved since 1994. The House will want to know how this compares to other countries. It makes for a dangerous cocktail of risks. The tax benefits will continue to be implemented from 1 March 2016 for all retirement fund contributions, including for provident funds. Growing our economy is not enough if that growth isn’t shared by the middle class and those working hard to join it. Loopholes closed. The most energy intensive industries like steel remain completely protected, and I’m extending the climate change agreements that help many others. The urgent review already underway by my RHFs the Environment Secretary and the Chancellor of the Duchy of Lancaster will determine how the money is best spent. So we’ll upgrade the A66 and A69 too. Investment inspired confidence. CBC/Radio-Canada is a vital national institution that brings Canadians together and promotes our two official languages, while supporting creation and culture. • Under Minister Molewa’s guidance, South Africa’s response to the global climate change challenge has been prepared, and work with the National Business Initiative on the green economy has been strengthened. Expenditure will be R1 463 billion, leaving a budget deficit of R139 billion, or 3.2    per cent of GDP. The OBR acknowledge today that this revision is, in their words, a “highly uncertain” judgement call. The Department of Agriculture, Forestry and Fisheries aims to  bring 120 000 hectares of land into productive use in the period ahead, benefitting 145 000 subsistence and smallholder producers each year. We’re going to use the money from this new levy to double the amount of funding we dedicate to sport in every primary school. 5 years later our economy is strong, but the storm clouds are gathering again. It’s not a commitment; it’s a tax. The OBR had thought that what they describe as the “drag from the financial crisis” on our productivity would have eased by now, but the latest data shows it has not. Bailing out state entities. We must do for our children and grandchildren what our parents and grandparents did for us. We agree, and indeed these are central priorities of the National Development Plan. It means they can promote low-sugar or no sugar brands – as many already are. The global economy is evolving rapidly. Also, in these and other areas, the choices we make cannot meet every need, and the action we require involves collective action by many stakeholders. From tomorrow you will pay just £3,000. I am supporting specific projects from the Hall for Cornwall in Truro, to £13 million for Hull to make a success as the City of Culture. This is the largest single investment in support of victims of violence in our country’s history. The Secretary General of the OECD said last month that “productivity growth… has been decelerating in a vast majority of countries”. •  Measures to strengthen tourism, agriculture and agro-processing are in progress. A typical hairdressers in Leeds will pay no business rates. They connected communities. Housing is also an urgent need. A £7 billion tax cut, for our nation of shopkeepers. Of course, some may choose to pass the price onto consumers and that will be their decision, and this would have an impact on consumption too. We understand that tax affects behaviour. Today we maintain that commitment to long term stability in challenging times. And that can change a life. Those who have already taken out our enormously popular Help to Buy ISAs will be able to roll it into the new Lifetime ISA – and keep the government match. Bus rapid transit systems are operational and expanding in Johannesburg, Tshwane, Cape Town and George, and will be extended to Ekurhuleni and eThekwini this year. We are conscious of the difficulties we face. That’s why, led by my colleague the Minister of Innovation, Science and Economic Development, our government wasted no time in bringing back the long-form census. Our policy commitment is to achieve universal health coverage, and comprehensive social security. We can help by providing people with more information about the multiple pensions many have; and by providing more tax relief on financial advice and the Economic Secretary and I do both today. A new levy on excessive sugar in soft drinks. We want to see progress throughout our land, in agriculture, manufacturing, mining, construction, tourism, science and research, sport and leisure, trade and commerce. Cap exempt gains in the Employee Shareholder Status. In the past I’ve been able to double it for one year only. •    Taxes are raised moderately, across a broad base, while limiting the impact on lower-income families. In other words, the country will be spending no more than the country raises in taxes. •    Personal income tax relief of R5.5 billion, which partially compensates for inflation, focused mainly on lower- and middle-income earners; •    An increase in the monthly medical tax credit allowances; •    An increase of 30 cents a litre in the general fuel levy; •    Introduction of a tyre levy to finance recycling programmes, increases in the incandescent globe tax, the plastic bag levy and the motor vehicle emissions tax; •    Introduction of a tax on sugar-sweetened beverages; and. These changes will accelerate. We can do things differently where we need to innovate. An additional allocation of R813 million for early childhood development is proposed to increase the number of children in ECD centres by 104 000 over the MTEF period. This is true, yet there is more to be done. The asset base of state-owned entities is over R1 trillion, equivalent to about 27 per cent of GDP. One. Mr. Speaker, our national parks are the most beautiful places on Earth. • Minister Joemat-Pettersson is overseeing our renewable energy, coal and gas IPP programme, and preparatory work for investment in nuclear power. New roads and bridges allow us to get around faster. • An additional R16bn is allocated to higher education over the next three years, funded through reprioritisation of expenditure plans. It’s the tax boost that keeps Britain on the move. A consolidated revenue target of R1 324 billion is set for 2016/17, or 30.2 per cent of GDP.

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