On Air Breakfast Warm Up Chris Quirk | 5:00am - 6:00am

Treasury: Next Budget needs to provide 'long-term stability'

Use of government reserves in spotlight

The Isle of Man’s income should reach more than £1 billion next year – but government will still need to dip into reserves.

That’s from the treasury minister who has told Manx Radio consideration is already being given to next year’s Budget.

The use of government reserves has been somewhat in the spotlight after the Isle of Man Government Conference last week.  

Government says more than 750 people took the opportunity to attend – engaging with ministers on the challenges facing the Island including finance, budgets and fiscal resilience.

One former government economist has been critical of the current use of reserves calling it 'ridiculous' and unsustainable.

We put that viewpoint to Treasury Minister Alex Allinson:

With £1.7 billion currently left in reserves - £900 million of which in the National Insurance fund – the available money that government has to spend is sitting at around £600 million.

February – and Budget Day – is just over four months away and Dr Allinson says government is already working on the next financial plan which needs to provide ‘long-term stability’ for the Island:

More from Isle of Man News