The House will want to know how this compares to other countries. We will invest in new clean technology projects that address climate change, air quality, clean water and clean soil to support provincial and territorial actions that significantly reduce greenhouse gas emissions. Our veterans have dedicated their lives to the defence of their country. I am also extending enhanced capital allowances to the enterprise zone in Coleraine and we will use over £4 million from LIBOR fines to help establish the first Air Ambulance service for Northern Ireland. This is a model that Canada can and must build on. In two weeks’ time it will rise to £11,000. Britain will be stronger, safer and better off inside a reformed European Union. And with new risks on the horizon, and with all Western countries looking for ways to increase living standards, now is not the time to go easy on our structural reforms. Or we can lead the world with long term solutions to long term problems. The British economy is resilient because whatever the challenge, however strong the headwinds, we have held to the course we set out. Minister, show South Africans, especially the rich, that people’s lives have changed for the better.”. Our response to this new challenge is clear. An inner city residential development is planned and the Vista Park and Brandkop projects will yield over 8 500 housing units at a total development cost of over R1.9 billion. A crucial ingredient has always been the lasting structural reforms needed to make our economy fit for the future. That’s understandable. Doing the right thing for the next generation is what the government and this Budget is about, no matter how difficult and controversial it is. New roads and bridges allow us to get around faster.

To help veterans in their rehabilitation process, we will enhance front-line services by hiring additional case managers to reduce the client-to-case manager ratio to no more than 25:1. Youth unemployment is falling fastest in the West Midlands. Major new commitments to the national infrastructure projects of the future. R475 million has been reprioritised to the Department of Small Business Development for assistance to small and medium enterprises and cooperatives. We can strengthen these efforts as government, business, religious and community organisations, by working together. For the basic rate taxpayer, that is the equivalent of tax-free savings into a pension, and unlike a pension you won’t pay tax when you come to take your money out in retirement. In this Budget we’re putting rocket boosters on the backs of enterprise and productive investment. And I am cutting the Capital Gains Tax paid by basic rate taxpayers from 18% to just 10%. To make that change, we first have to see good reasons to be confident about the future.

• While overall agricultural output has declined under severe drought conditions, there has been strong growth in several export products: including nuts and berries, grapes and both deciduous and citrus fruits. Well, Canadians are not so optimistic today. But they have revised down growth in the world economy and in world trade. To support a greater national savings effort, we introduced Tax Free Savings Accounts last year. This will not affect anyone’s pension, and will be affordable within spending plans that are benefitting from the fiscal windfall of lower inflation. I have met with First Nations and Indigenous leaders and community members on several occasions, including during pre-budget consultations in Winnipeg. Drawing on the work  of the OECD, the G20 joint project on base erosion and profit shifting and independent bodies such as the Tax Justice Network, further measures will be  taken to address such revenue losses, including inappropriate use of hybrid debt instruments. We have avoided reckless policies which might have dragged us into recession or reversed the capital flows we need. Minister Dlamini and I have a shared responsibility for the social security reform programme, which has to draw on both international good practice and interdepartmental work of recent years. They expect their government and their economy to work hard for them in return. • We are responding to action in communities where services are missing or badly managed. We will build schools. That is what our long term economic plan has been all about. I am honoured to announce on behalf of the government historic investments of $8.4 billion over the next five years, to ensure Indigenous peoples share in Canada’s prosperity. Expenditure will be R1 463 billion, leaving a budget deficit of R139 billion, or 3.2    per cent of GDP. Today I am more than doubling it, and I’m more than doubling it permanently. It is a budget for inclusive growth, it emphasises partnerships amongst role players in our economy, it prioritises education and infrastructure investment, it supports employment creation and it contributes to building a capable, developmental state. They could look forward to a decent retirement. • Progress has been made towards a minimum wage framework, and to reduce workplace conflict. We act for the years and decades to come. It is clear that we can achieve considerable savings to government, while also ensuring that procurement processes are streamlined and service providers are paid on time. So faced with the truth that young people aren’t saving enough, I am today providing a different answer to the same problem. All of us want a new values paradigm, a society at peace with itself, a nation energised by the task of building stronger foundations for our future society and economy. We will continue to act aggressively against the evasion of tax through transfer pricing abuses, misuse of tax treaties and illegal money flows. The OBR also note that this reflects concerns across the West about low productivity growth. • We are crafting solutions to the voices of students regarding fees and housing. These targeted investments will be provided to, among others, the Canada Council for the Arts, Telefilm Canada, the National Film Board and unique programs that will allow our artists once again to shine on the international stage. While my HF for Newark has proposed that we introduce a new tax break for museums that develop exhibitions and take those exhibitions on tour. Science, insight and innovation tend to develop in clusters. State-owned Entities State-owned companies, Honourable Speaker, have important roles to play in boosting growth and development. Yet our economy is not growing fast enough to raise employment or improve average incomes, Honourable Speaker. Our great capital city wants to lead the way. But to shape the future, we must invest in the future. I need to acknowledge the valued cooperation of Minister Ramatlhodi in addressing our personnel management challenges. The people, companies and countries who create the next economy will prosper. The Government delivering on its promise of fair funding for our schools. Next, we want people to invest in our businesses, and help them create jobs. To ensure that funding is available when key capital acquisitions will be made, we will reallocate funding for large-scale capital projects from the 2015–16 to 2020–21 period to future years. Sound public finances to deliver security. We have  national and provincial entities with diverse property holdings, interests in farming or trading or manufacturing enterprises – often inherited from the pre-1994  dispensation, typically buried in subsidiary companies that are not publicly accountable. We will increase the Earnings Loss Benefit to provide income replacement of 90 per cent of pre-release salary for injured veterans, and index this benefit so that it keeps pace with inflation. • Minister Motshekga is working with social partners on the National Education Collaboration Trust to identify and implement school improvement initiatives. In the future, debt falls to 82.6% next year, then 81.3% in 2017-18, then 79.9% the year after. So we are giving the go ahead to the schemes for York, Leeds, Calder Valley, Carlisle and across Cumbria. Last autumn’s Spending Review delivers a reduction in government consumption that is judged by the OBR to be the most sustained undertaken in the last hundred years of British history – barring the periods of demobilisation after the first and second world wars. A radical devolution of power so more of the responsibility and the rewards of economic growth are in the hands of local communities. In the Budget book we set out in detail the action we will take to: Shut down disguised remuneration schemes; Ensure that UK tax will be paid on UK property development; Change the treatment of freeplays for remote gaming providers; Limit capital gains tax treatment on performance rewards; and. • In Cape Town, the N2 Gateway housing programme is continuing, together with redevelopment of the Voortrekker Road Corridor, Conradie Hospital, the Athlone Power Station and other sites.

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