More details to follow
Manx Radio understands the chief minister has commenced a reshuffle of his cabinet.
Alex Allinson has stepped down as treasury minister.
The Ramsey MHK was expected to deliver the budget next month.
In a statement sent to Manx Radio, Alfred Cannan says: "I am redefining this government’s approach to priorities within the remaining term of this administration. There has been increasing divergence in the prioritisation of policy initiatives and I am refreshing my Council of Ministers to meet the delivery objectives necessary for the benefit of the Island.
"This is a time for clarity and purpose. I have determined that a Ministerial reshuffle is necessary. This is now underway and there will be updates made throughout the day."
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