Supporting working families and protecting vulnerable feature
Treasury has unveiled a new five-year financial strategy which focuses on fulfilling the aims of the Our Island Plan.
It's included within the 2022 Budget, which has been unveiled today, which shows the Island is forecast to record a £36.3 million deficit this year.
The Budget highlights maintaining economic strength, enabling growth, supporting working families and protecting the vulnerable as key themes for the next year.
Minister David Ashford told Tynwald members there must be 'clear sight' as to how spending and investment plans are structured as the Island moves away from the pandemic.
Government revenue spending for 2022/2023 is budgeted at £1.15 billion after accounting for reserve transfers.
The indicative five-year financial plan has been published within the Pink Book.
It shows an overall deficit position – including the cost of the capital programme – is forecast to turn to a surplus by the end of 2024/25.
That's also when government income is expected to return to pre-pandemic levels.
Minister Ashford added: "Our economy is recovering strongly and, despite the global economic position, we are optimistic that there will be limited or no long-term scarring to the economy or to public sector incomes."
How does the 2022 Budget affect you? Click HERE to find out more.
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