UK budget to hit IOM govt coffers

A cut in beer duty and the scrapping of a planned fuel duty rise announced in the UK budget are set to cost the Isle of Man government around £900,000 in 2013/14, compared with the budget estimate.

That's according to Treasury Minister Eddie Teare, who's given an initial response to UK Chancellor George Osborne's budget speech.

Mr Teare says he does however welcome the focus on economic growth, through the lowering of corporation tax and encouragement given to small businesses and the use of investment markets.

Mr Teare will be speaking to James Davis live on Mandate tomorrow morning, giving further reaction to the UK budget.