South African Federation of Trade Unions general secretary Zwelinzima Vavi says the increase will be devastating to small businesses and working people already struggling to pay loan instalments.
South African Federation of Trade Unions general secretary Zwelinzima Vavi said the increase would be devastating for small businesses and working people already struggling to pay loan instalments.
“Unable to keep up with the rising costs of servicing their loans and credit facilities, small businesses absorb the increased costs through pricing of their products. In the intermediate period, interest rates are therefore inflationary. In the longer term, they [small businesses] default, go bankrupt and retrench their workers,” Vavi said.
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