Mr Speaker, the DA supports black economic empowerment. Accordingly, we supported the BBBEE amending Bill in this House until Minister Robert Davies introduced regulations that are so restrictive that BBBEE will not be broad-based. For example, the regulations decrease targets for ownership by broad-based schemes such as woman's groups and co- operatives as well as new entrants from 10% to 3% to 2%, and a black new entrant have now jumped from R20 million to R50 million. Those individuals who are already very wealthy are recycled into the system of cronyism, tender and licensing manipulation that we have today.
Minister Davies just announced the regulations. The portfolio committee had no opportunity for further input. The regulatory impact assessment is an amateurish affair that resembles a first-year economics essay. The regulations largely ignored submissions from broad-based civil community and the business world. What is the word we should use to describe a situation where government talks, but does not practise broad-based empowerment - breaching the promise? Is it an unholy alliance between radical African nationalists, opportunists and timid communists - a contradiction? I myself prefer hypocrisy. We as the DA will continue to support black economic empowerment, but reject this government's approach to it. I thank you. [Applause.]