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

Budget to reward work, says Teare

by Joanne Clague

Budget to reward work, says Teare - picture

A 14 per cent increase from £44million to £50million in the construction element of the government's capital spending programme is one of the measures in this year's Budget designed to support employment.

Treasury Minister Eddie Teare has also set aside £1million for a new engineering training centre of excellence at Hills Meadown in Douglas and is continuing the NI holiday scheme which, he says, has created 1,100 new jobs over the past two years.

Presenting his third Budget, Mr Teare said: 'Our economy needs to grow and provide our community with opportunities to work, especially for the young, and we need to reward work by retaining low and competitive rates of taxation.'

He said working families on low incomes would benefit from a two per cent rise in tax allowances. Mr Teare said workers had seen a steeper decline in living standards than those on pensions and other benefits.

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