BUDGET: Third 'rainy day' Budget in a row admits minister

Allinson admits financial plan isn't as 'radical' as he'd hoped

The treasury minister has described this year’s financial plan as a ‘rainy day’ budget.

Alex Allinson unveiled it in Tynwald this morning saying it will address the ‘challenges at hand’ following two years of ‘economic turbulence’.

Tynwald members will vote on it later today.

Government is expecting to spend £1.2 billion over the course of the next financial year with the same amount expected in income.

Dr Allinson has also set out a ‘robust’ five-year financial plan to drive the aims of the Our Island Plan and the Economic Strategy but admits we have to become less reliant on reserves:

You can find out more about the Budget - and what it means for you - HERE.