Isle of Man treasury minister's budget focuses on health and climate
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Increased spending on health care and responding to climate change has been revealed in the Isle of Man's budget.
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Treasury Minister David Ashford outlined £1.15bn of government spending for 2022-23, slightly less than during the current financial year.
That equates to £14,044 per person, a rise of £374 since the island's population estimate has fallen by 448.
The coronavirus pandemic's impact on the Manx economy is estimated at about £300m, with VAT revenues down £22.5m.
More than £35m has been drawn from reserves for the budget, leading to an estimated surplus of £419,000 for the coming year. That follows a £36.3m deficit in 2021-22.
Manx businesses "need to plan to operate without further support" in the future, Mr Ashford said, referring to government measures designed to help them survive the impact of Covid-19.
'Significant pressure'
The budget for the 2022-23 year was the "first step" of a new medium-term financial plan to balance the island's books by 2026-27, said Mr Ashford.
"The funding of the overburdened capital programme, combined with funding of health and care and our transition to net zero... create significant pressure on the island's general revenue account in the short and medium term."
Now was "not the time to react to these pressures with knee-jerk financial changes", Mr Ashford added.
Under the measures unveiled, the basic state pension and Manx state pension are restricted to a 3.1% increase, in a suspension of the triple-lock principle for one year in line with the UK, equating to a rise of £6.09 per week.