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Tue, 16 Feb 2021
The Treasury Minister has today delivered what he termed a “budget of resilience” that aims to stabilise the economy, protect jobs and invest in vital public services.
Alfred Cannan MHK confirmed Government revenue spending for 2021/22 is budgeted at £1.161 billion, representing £13,740 for every person on the Island – that's an increase of 3.9%.
The Minister estimated that the coronavirus pandemic will cost the public purse more than £200 million this financial year when taking account of lost revenue, increased spending, and drawdowns from reserves.
Setting out spending plans for the year ahead, the Minister highlighted the need for responsible financial management to sit alongside targeted investments into the economy and public services.
Spending on public services from general revenue is set to increase by more than £18.8 million, with the largest increase allocated to improving the Island’s health and social care services.
Manx Care, a new arms-length body that will take over the delivery of health and social care services from 1 April, is set to receive an additional £15 million.
£10 million has been set aside for climate change mitigation and environmental initiatives as well as £6.25 million for climate change adaptions, which includes £2.25m for flood defences. In total, the Government has so far committed almost £17 million to addressing climate change.
Some welfare benefits will see an uplift, with above inflation increases of 15.6% for contributions towards nursing home costs; 2.5% for the basic state pension; and 2.5% for the Manx state pension.
Incapacity benefit, bereavement support, carer’s allowance, and jobseeker’s allowance will increase by 0.5%. The level of other benefits has been maintained.
The Government’s capital programme – one-off spending, such as infrastructure projects – includes an additional £15 million for new schemes, taking the total programme to £182 million. Government’s focus, however, will be on delivering schemes already approved – including new delivery and governance arrangements for capital spending.
The Treasury Minister has also confirmed that a new Major Capital Projects Board will be established at the centre of Government to oversee and manage major or complex projects.
The Minister highlighted the £100 million Economic Recovery Fund as an important element of the Government’s efforts to build a platform for recovery in the wake of the pandemic. Funding from the scheme this year and next could total £40 million. Approvals made so far include £1.4 million to accelerate the rollout of fibre broadband; £3 million in additional funding to encourage more people to take up higher education; and £1.75 million for the Manx Restart Scheme, which aims to reduce unemployment.
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