Treasury to assess impact of 'painful' UK budget on Isle of Man

"The last couple of years have been challenging, and I don't see that ending soon", says minister

The treasury minister believes the next couple of years 'will be challenging', and that many governments across Western Europe are facing similar difficulties.

Earlier this week, UK Prime Minister Kier Starmer warned of a 'painful' autumn budget but insists his election pledge not to hike VAT or National Insurance would be kept.

Minister Dr Alex Allinson says the Manx government will continue to monitor the situation but notes fiscal decisions made in Westminster can still directly impact the Island.

But he remains optimistic, telling Manx Radio the Isle of Man has a "very resilient economy":