Budget 2026: Government wants to reduce reliance on reserves

But Treasury using £126 million to balance the Budget this year

Treasury says it wants to reduce its reliance on reserves over the next five years.

That’s despite using £126 million in order to balance the Budget this year.

The plan is to reduce this to £35.8 million by 2030-31.

In Tynwald the department outlined its medium-term financial plan saying it wants to drive and support a ‘diverse and successful economy’.

Other priorities include delivering and maintaining international standards of regulation, supporting employment and raising sufficient revenue to support public services.

The Island’s reserves are forecast to grow from £1.95 billion in the coming financial year to £2.22 billion in 2030-31.

You can find out more about Budget 2026 by clicking HERE.