Andrew Canter: Prescribed Assets a blunt tool to shield bad Governments
As we hear in this forthright interview with Andrew Canter, the ANC's proposal to re-introduce Prescribed Asset Requirements is only being advanced because the Government is not prepared to apply the correct economic medicine. The chief investment office of Futuregrowth explains that this is a blunt tool which taxes pensioners to protect those making poor economic policy decisions. He attacks the premise that such regulations promote development by unlocking domestic capital for capital projects β the popular refrain of those who promote the concept. Canter was interviewed in this week's episode of Rational Radio. β Alec Hogg
Andrew Canter β the chief investment officer of Futuregrowth joins us. Andrew, I believe you had a wonderful debate with Mark Barnes β ex CEO of the Post Office and Capital Alliance β on prescribed assets. Mark believing South Africa should have them, you took an opposing view. For those who don't know what prescribed assets are β I recall as a young journalist that they existed in South Africa under the apartheid regulation β up to 53% of pension fund assets had to go into these things called prescribed assets. What exactly are they?
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