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Tue, 15 Feb 2022
Maintaining economic strength, enabling growth, supporting working families and protecting the vulnerable were the key themes when Treasury Minister David Ashford MBE MHK delivered his 2022 Budget in Tynwald earlier.
Emphasising the opportunities and challenges facing the new administration, the Minister provided Members with a comprehensive update which included a five-year financial programme focussed on fulfilling the aims of Our Island Plan.
Minister Ashford told Members: ‘As we move away from the challenges of the pandemic we must ensure we have clear sight as to how we structure our spending and investment plans to ensure that we can continue to grow our economy, support our people and invest in our future.
‘The prudent use of reserves and timely intervention with targeted financial support has ensured that we have not only protected lives and the health of the Nation but also the economy which is so essential in providing the income we need to provide the services and environment that make our Island great.’
Government revenue spending for 2022/23 is budgeted at £1.15 billion after accounting for reserve transfers.
The personal tax allowance has been raised by £250 to £14,500 for an individual and by £500 to £29,000 for jointly-assessed couples, while targeted increases have been made to benefits and allowances for parents, carers, pensioners and people with disabilities.
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