Wealth taxes mooted to zap inequality

The committee reviewing the country’s tax system has called for submissions on possible forms of wealth tax, despite the tax revenue already being almost 30% of its gross domestic product (GDP). This week the treasury-mandated Davis tax committee said: “The distribution of wealth in South Africa is highly unequal, with recent

South Africa is skating on thin ice as rating agencies weigh their options

Rating agencies are shortly expected to announce their decision on whether to retain South Africa’s sovereign credit rating, or to downgrade it. The current rank assigned by Moody’s is two notches above sub-investment grade (with a negative outlook). Fellow agencies Fitch and Standard and Poor’s both rank South Africa just one notch above

UK construction output drops in August

Construction output fell 4.3% in August, its sharpest drop since late 2012, the Office for National Statistics (ONS) has said. In the three months to August, output fell by 0.8%, the biggest such decline since March 2013. Meanwhile, the UK trade deficit was £3.3bn in August, a narrowing of £1.2bn from July,

Raising rates will harm economy, Reserve Bank warned

AN INTEREST rate hike next week is undesirable as it will threaten a further slowdown in consumer spending, which is a major driver of SA’s economic growth, an economist warned on Wednesday. Saijil Singh, economist at international credit insurer Coface, said anything that curbed consumer spending would hurt growth. "To go