No complaints from UK firms about SA’s expropriation bill: Reeves

British Finance Minister Rachel Reeves says no British companies have complained to her about South Africa’s recently signed expropriation bill.

This, as South Africa faces possible sanctions from the United States over the legislation and claims by US President Donald Trump that certain people are being treated very badly and that South Africa is confiscating land.

However, the United Kingdom, which is South Africa’s fourth largest export market, is preparing to expand trade and investment.

The British Minister is in the country for the G20 meeting of Finance Ministers and Central Bank Governors.

She says her goal is to advocate for free and open trade, cooperation of like-minded countries, and foster trade and investment.

“We think that trade with South Africa, between Britain and South Africa, could continue to strengthen and to grow and once I am at this G20 meetings I put the opportunity to meet alongside the British high commissioner here in South Africa with a number of successful and growing South Africa businesses who can benefit by expanding in UK markets but also some great British businesses with us in financial services, construction and development who can see big opportunities here in South Africa to grow their businesses and grow their brands here so this is mutually beneficial,” says Reeves.

Asked whether South Africa’s Expropriation Act will affect trade and investment, she says this has not been raised.

“This is not something that is raised with me by UK firms; in fact, the UK firms that I meet talk about the opportunities that come from expanding trade and investment with South Africa.”

As South Africa’s Government of National Unity continues to put together a budget to be tabled in Parliament on March the 12th, after it was postponed last week, the British Finance Minister appears to be unfazed by this.

“As a Finance Minister, I know the challenges that come from passing a budget. I passed my first budget as Chancellor of the Exchequer last year. I delivered the budget as Chancellor of the Exchequer. I know the challenges that come with that, especially in a multiparty system. I’ve got every confidence that your Finance Minister and your Parliament will be able to pass a budget.”

Reeves says the UK is looking to expand its 30 billion pound annual trade with South Africa.