There is little question that Budget 2016 will be watched even more closely than usual following the upheavals of December. There is also very little room to manoeuvre, with Finance Minister Pravin Gordhan’s address to be critical in determining whether or not South Africa is downgraded to junk. He will, no doubt, hold the consolidation line and show what cuts are being made. The key imponderable is how he will handle the revenue pressures – in other words, tax hikes are definitely a possibility, despite the weak growth outlook.