Isle of Man's Treasury Minister delivers island's 2018 budget

22/02/2018 News Team

The Isle of Man budget for 2018 has been set out by the Crown Dependency's Treasury Minister Alfred Cannan this week (20/02/2018).

The main themes highlighted by Mr Cannan were the growth of the island’s economy and meeting the financial challenges facing both the Government and citizens.

There was a positive budgetary performance in 2017-2018, with Mr Cannan revealing that the Isle of Man Government’s accounts projected a surplus of £18.2 million, an increase of more than £15 million on the budgeted amount.

Mr Cannan revealed that due to high income tax receipts, spending on welfare support had been £7 million lower than anticipated as a result of business growth and focused policies aimed at getting people into employment.

This Mr Cannon said this had meant £13.8 million of additional spending will be allocated on essential public services, including £5.5 million on health and social care, £3.1 million on infrastructure and £1.5 million on pre-school support and "lift 1,700 people out of the tax net."

Mr Cannan also announced a £428 million programme of capital funding over the next five years to strengthen the island’s lifestyle and employment reputation.

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