Treasury Minister allays spending concerns

The Treasury Minister is allaying concerns over the amount being spent from government reserves.

Eddie Teare says it was always planned to use a substantial chunk of the money to fund a depositor's compensation scheme and to soften the blow of the UK's VAT renegotiation.

Michael MHK Alf Cannan is worried that the almost £400 million the government has saved up is being spent too quickly.

Mr Teare says he can understand the concern, but stresses the cash has been budgeted for.