Government plans to withdraw interest from reserve fund no longer required

Higher than expected income tax receipts mean it's not necessary

Government's proposed withdrawal of interest accrued in its Reserve Fund will not now take place.

Treasury says the move is no longer necessary after the latest summary management accounts showed Government income is likely to be £24.1 million ahead of budget, mainly driven by higher than expected income tax receipts.

Government reserves are now valued at over £2 billion.

Treasury says the majority of government departments and bodies are forecast to end the year either broadly in line with their budget or with a favourable variance.

Manx Care forecast remains consistent, with the DHSC projecting an £11.1 million overspend.