Guiding consumers since 2009

Union calls for cuts

By Staff Writer

The National Union of Metalworkers of South Africa (NUMSA) is in dispute with The Guv, Tito Mboweni. NUMSA is angry with The Guv, because he did not meet them to get a memorandum. Apparently it had been agreed that The Guv would come get the memo, but then declined to when NUMSA showed up at the Reserve Bank last week Thursday 28th May 2009. NUMSA is calling for interest rate cuts. If the interest rate is cut what would it mean for you?

 

 

NUMSA is calling for these interest rate cuts because they are opposed to the policy of inflation targeting. The ANC has responded by saying that NUMSA marching was 'not helpful'. NUMSA wants to continue to march against the Reserve Bank calling for more aggressive interest rate cuts. They are not alone in their calls, however it is interesting to see folks on both the left and the right of economics calling for the same thing. Folks with massive mortgages who are over extended on their debt are also calling for more aggressive rate cutting, along with a workers union.


The NUMSA mini national congress that was held from the 11th to the 14th of May 2009 resolved to push for radical changes to South Africa's macro-economic framework. There were worries before the election that there would be a leftist shift in government policy, but it seems that it is business as usual for the new government. NUMSA however said that their next fight would be to bring down banking charges and lending rates, both of which will have a more real impact on putting more money in the pockets of the public than aggressive interest rate slashing which will tend to favour those who own homes rather than the marching masses.

 

Recent Articles

Featured The bank took money from my account – is this allowed?

You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?

How much does it cost to draft a will?

Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.

Is your home correctly priced for the current market?

The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.

Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Deals

Mowana Voucher Special

Price: From R1,099
When: Before 24 December 2019
Where: Johannesburg

Birchwood Hotel Christmas Gift

Price: R959
When: Between 15 December 2019 to 1 January 2020
Where: Johannesburg

Burger & Lobster Lunch in 30 Minutes Special

Price: R99
When: Mondays
Where: Cape Town