BUDGET: Island on course to record £36m deficit

Financial plan for year ahead taken to Tynwald

The Isle of Man is forecast to record a £36 million deficit in the next financial year.

Figures released as part of the Budget for 2022 show the Island is set to come in 'over budget'.

However Treasury has warned that due to the level of uncertainty, as recovery from the pandemic continues, it remains difficult to forecast how public finances will actually perform.

It says the Island's economy faces challenges from inflationary pressures, possible labour shortages and demand reductions, climate change and a need to increase Manx Care funding.

Minister David Ashford believes government currently has 'less freedom' in financial planning as a result.

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