Recovery begins, but don't expect a pay rise

Treasury Minister Anne Craine says there is a long way to go, but the budget she delivered in Tynwald yesterday (Tuesday) was the first step towards financial recovery for the Isle of Man.

After receiving near unanimous backing from her colleagues, Mrs Craine spoke of cautious optimism over measures designed to rebalance public finances following the reduction in the Island's share of VAT income.

She is admitting public sector redundancies are possible as a last resort and says, in the present circumstances, pay rises are out of the question: