START YOUR MORNING BY LISTENING TO TODAY’S BIZNEWS BREAKFAST BRIEFING PODCAST: Private investors’ favourite shares keep rolling; Pound drops as UK raises rates most in 27 years, frets about stagflation; US unemployment claims hit 6m high.
(If you’re struggling to access BBB via Spotify or iTunes, an audio-only version is also available on YouTube. Click here).
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Britain is the most popular destination for relocating South Africans. And there have been far too many of those over the past few years as ANC corruption, incompetence and racism has pushed skilled Saffers to seek greener pastures. But all tides eventually turn. And this one looks to be doing so right now.
Whatever its longer-term benefits, the short-term pain of Brexit are becoming increasingly evident to the UK economy. The Bank of England yesterday raised interest rates by the most in 27 years. Worse, it warned of the about very real prospect of stagflation –high inflation with zero economic growth. Clearly, the UK’s appeal is on the wane.
On the other hand, South Africans can look forward to the very real prospect of removing the dead hand of the ANC from their long-stalled economy. The trend from by-elections supports the prospect of this dysfunctional ruling party drawing well below 50% of the vote in the 2024 National Election. As Helen Zille warned, being governed by a coalition won’t be a cake walk. But it is sure to be far better than our current cadre-deployed chaos.
All this should give pause to anyone considering the well-worn route of abandoning SA for the UK. Or at the very least, encourage them to put those plans on hold for the next two years. Roll on 2024.
More for you to read today:
- Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars. U.K. central bank warns nation will enter recession later this year
- The Coming War Over Taiwan. With its global power at a peak and domestic problems mounting, China is likelier than ever before to make good on its threats
- Glencore Profit Doubles on Energy-Market Volatility. Commodities giant says it expects prices to remain high for the rest of the year
- Phil Mickelson and 10 Other LIV Golfers File Antitrust Lawsuit Against PGA Tour. Mickelson leads a group of LIV Golf players suing over their suspensions, with three also seeking a temporary restraining order that would allow them to play in the Tour’s FedEx Cup Playoffs
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