Isle of Man News - POSTED Tue 18-02-2014

Tynwald approves Budget

by Joanne Clague

Tynwald approves Budget - picture

Members of the Manx parliament have spent all day debating Treasury Minister Eddie Teare's Budget, and voted to accept it earlier this evening.


Five members of the House of Keys voted against the Budget. They were Kate Beecroft, Chris Thomas, Brenda Cannell, Peter
Karran and Zach Hall.


Presenting his Budget report, Mr Teare said the government was on schedule to rebalance its revenue budget by 2015-16, in the wake of the Island losing £200million VAT income. He said the restructuring of Government would save £4.3 million, with staff costs £3.6million below last year's budget, and staff numbers to be reduced by a further 153 jobs.


Gross spending on benefits of £268million is £6million higher than last year, while net spending on health and social care is also up by two per cent.


Mr Teare has warned that the benefits system needs reform, stating: 'The government plays a vital role in the wellbeing of the whole community, but it has limits, and we need to be open in discussing where those limits will be.'


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