BUDGET: 'One off withdrawal' from NI Fund to support health services

Treasury Minister says it's 'appropriate' in 'unusual circumstances'

Investment income generated by the Manx National Insurance Fund will be used for 'growth funding' for health and care services as part of a 'one off withdrawal'.

Treasury has confirmed it's allocating a proportion of the money to the Department of Health and Social Care. 

The department will be provided with an additional £8.25 million to fund Manx Care and will have access to a further £5 million of contingency funding to address 'cost pressures'.

Treasury Minister David Ashford said it was 'appropriate' despite the increased expenditure in relation to MERA and the Salary Support Scheme.

He added: "I feel that it is appropriate to take what, in effect, is a very small sum when compared to the overall value of the fund - currently worth over £1 billion - and to invest it in our health and care services.

"This is a one-off withdrawal, which is appropriate in these very unusual circumstances."

He also confirmed that Treasury would have to ask for Tynwald approval if it wanted to see further investment from the fund in future years. 

How does the 2022 Budget affect you? Click HERE to find out more.