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Chancellor cuts Isle of Man budget by 24%

Chancellor Alistair Darling has cut the Isle of Man’s budget by 24 per cent.

The decision will mean an estimated total loss of £90m in the 2010/11 financial year and £140m in subsequent years for the island.

It has agreed to a transition cut of at least £50 million from April next year.

With current overall net revenue spending estimated at £572.1m the island’s  chief minister Tony Brown said a potential loss of £90m next year had “serious implications” and “nothing would be excluded in considering how to deal with the situation”.

He said: “Government is confident that the present re-adjustments within the Sharing Arrangement, whilst causing serious initial budgetary and public service pressures, especially due to the short notice of the changes, will be managed in an orderly fashion and will ultimately leave us stronger and fitter for the future.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Does this mean we subsidise their incredibly low tax rates? Well I never…

  2. Its time for the Isle of Man to break away from the sinking UK and take total control of its own destiny, the Island should consider becoming a duty free Country.

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