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Treasury Minister reveals budget to Tynwald

Tue, 19 Feb 2013

Treasury Minister Eddie Teare has revealed this year’s Budget in Tynwald this morning.

 

At a glance it shows that government is on course to rebalance its finances by 2015/16 and that there will be no change to income tax rates, personal allowances or thresholds.

It also shows that gross spending on benefits is up £13 million and net spending on health is up £3.2 million.

 

The capital programme for the next year includes spending £97 million - £35 million on repaying the MEA loan, £44 million for construction schemes and £19 million for local authority housing.

And it looks as though there could be more cuts in the civil service. Government headcount will reduce by 300 posts over the next three years.

 

One of the stand out introductions is the plan to impose a 10% tax on the highest earning retailers on Island.

Minister Teare said it will impact those businesses with annual profits of £500,000 and above; he's branded the tax a fair move:

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Media

• Treasury Minister, Eddie Teare MHK