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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. ....
Eight things we’ve learned from Cannan’s final budget Covid cost, revenue lost and pensions boost. Covid-19 has radically altered what the treasury minister was expecting to unveil in his final budget, the last of a five-year-plan committed to at the start of this administration. Bearing the cost of the pandemic has put paid to plans to continue policies on personal tax allowances and other benefits, with Alf Cannan instead focused on ‘steadying’ public finances. That means little in the way of new spending, bar investment in health, with a focus on finishing major schemes which have already been approved. ....