Budget 2023
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Entrepreneurs left out in the cold

Cape Town – The Treasury has not found ways to make it easier for entrepreneurs to grow within a highly constrained economy, according to Standard Bank’s commercial banking head.

Craig Polkinghorne, Head of Commercial Banking at Standard Bank, said Finance Minister Nhlanhla Nene's first mini budget speech had many positive points, but said it was the entrepreneur who still missed out on any real benefits.

“There’s very little for entrepreneurs,” he told Fin24. “[He missed questions such as] how do they attract capital, how is the labour market made easier for them, [and] how are [people] incentivised to invest.”

He said entrepreneurs were the heartbeat of the country’s GDP and economy. “If you want to turn an economy around, that’s an element of the economy that we have to stimulate,” he said.

“He’s in a really difficult position, where all the indicators are stacked against him,” he said. “In the circumstances, he didn’t do a bad job.”

Polkinghorne said Nene focused on what he could do internally to improve the economic situation, which was needed. “I think they understand where all the problems are,” he said. “The challenge of delivery is one that remains.”

Listen to the full interview:



- Fin24

* Visit Fin24's Mini Budget Special for all the news.

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