IoM to look closer at UK budget announcements

Wed, 21 Mar 2012

Treasury Minister Eddie Teare MHK

The Island's Treasury Minister says the Island will need to look closer at some of its own policies following today's budget in the UK.

Eddie Teare says some of the issues mentioned in George Osborne's budget such as limiting child benefit to higher earners and simplifying state pensions will need to be examined further.

The UK also increased its personal allowance from 2013, bringing it much closer to the Manx allowance, something Mr Teare says will need to be factored in next year.

In the Manx budget, revealed last month, personal allowances were frozen, and income tax rates remained the same.

Treasury staff will be looking further into the UK budget over the coming weeks to see what other implications there could be for the Island.