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image captionMr Cannan said the government s spending in 2020 had protected this nation
A budget of resilience , aimed at stabilising the Manx economy in the wake of the Covid-19 pandemic, has been unveiled by the treasury minister.
Setting out the present government s final budget in Tynwald, Alfred Cannan said the public cost of coronavirus in 2020-21 had been about £208m.
He said government spending would rise in the coming year to £1.161bn, which equated to £13,740 per person.
He also announced additional funding for health and climate change projects.
Mr Cannan said the figure for Covid-19 spending included more than £100m spent on supporting the economy and revenue losses, which he said had seen a very significant £74m deficit.
Treasury Minister delivers budget of resilience
Tue, 16 Feb 2021
The Treasury Minister has today delivered what he termed a “budget of resilience” that aims to stabilise the economy, protect jobs and invest in vital public services. Alfred Cannan MHK confirmed Government revenue spending for 2021/22 is budgeted at £1.161 billion, representing £13,740 for every person on the Island – that s an increase of 3.9%. The Minister estimated that the coronavirus pandemic will cost the public purse more than £200 million this financial year when taking account of lost revenue, increased spending, and drawdowns from reserves. Setting out spending plans for the year ahead, the Minister highlighted the need for responsible financial management to sit alongside targeted investments into the economy and public services.
Election year won t impact budget , insists treasury minister
The Treasury Minister will outline government s spending plan for the next year later this morning.
Alfred Cannan s budget comes after a turbulent 12 months, which has included the coronavirus pandemic and Brexit.
It s the final time Mr Cannan will deliver the budget before the House of Keys General Election later this year.
But he insists that has no bearing on his proposals:
Mr Cannan s budget speech will begin when this month s Tynwald sitting gets underway at 10.30am. You can listen via Manx Radio s AM service, online and via the smartphone app.
The Mannin Line will be live from Tynwald with an expert panel and a Budget Special will follow at 1pm.
Domestic Event Fund extended until the end of September
Wed, 10 Feb 2021
The Domestic Event Fund has been extended until the end of September. The initiative is delivered by Business Isle of Man, an Executive Agency of the Department for Enterprise, and has been funded by the £100m Economic Recovery Fund announced by Treasury Minister Alfred Cannan MHK in his budget update to Tynwald in July 2020. Event organisers can continue to apply for up to 80% of the total costs associated with the development of domestic focused events. All eligible events such as local markets, festivals, shows, concerts must be focussed on increasing domestic spending through driving footfall into the Island’s towns. Qualifying costs include equipment, entertainment, marketing, insurance, health and safety, and an event organiser.