Treasury Minister delivers 'budget of resilience' for the Isle of Man
The Treasury Minister Alfred Cannan MHK has today delivered what he termed a “budget of resilience” that aims to stabilise the economy, protect jobs and invest in vital public services whilst providing a platform for economic recovery from the COVID-19 pandemic.
Government revenue spending for 2021/22 is budgeted at £1.161 billion, representing £13,740 for every person on the Island – an increase of 3.9%.
Setting out his fifth budget in Tynwald – the final of this administration – the Minister highlighted the resilience of the Island’s economy and public finances, which has enabled Government to make more than £100 million of direct financial support available to protect jobs and stabilise the economy in order to help the Isle of Man weather the storm of COVID-19.
Mr Cannan said: “Against the economic backdrop of the pandemic, we are fortunate to be able to deliver a budget that not only maintains spending on public services without having to increase taxes, but which also provides new, focused investment in health and social care. That we are able to do this is testament to the resilience and strength of the Manx economy, our public finances, and the Manx people.”
The Minister concluded: “We find ourselves operating in a changed world, but this Budget will provide the stability and targeted investment needed for the future. As a nation, we can take confidence from the fact that we have been able to withstand external challenges thanks to the resilience of the economy and the health of our reserves. In the face of a pandemic, our targeted approach to public finances over recent years has placed us in a strong position, enabling us to withstand the pandemic’s impact and build for the future.”
Full details of the Budget are available online at www.gov.im/budget.