Isle of Man Budget will 'put money back in pockets'
The forthcoming budget aims to "put money back in people's pockets" in the year ahead, the treasury minister has said.Alex Allinson is due to deliver the financial plan for the Isle of Man for 2025-26 during the February sitting of Tynwald on Tuesday.He said it would "honour many commitments made last year" in terms of looking at the personal allowances, and national insurance and child benefit thresholds.It follows a 2% hike in the higher rate of income tax in the 2024-25 budget, while was earmarked to help cover rising costs in health.
But plans to replace the the "triple lock" state pension for some Manx residents have already been removed from the budget following criticism from MHKs.Allinson said the plan would "try to deliver on the Island Plan to put significant investment in things that people really care about such as infrastructure, housing, education, and health and social care".He said the measures he would outline would try to "restore the balance that has been disrupted" by the coronavirus pandemic and the war in Ukraine, which led to an increase in inflation and the cost of living, by "putting money back in people's' pockets".Tuesday's budget aimed to "cater to the needs of working people, and particularly working people with families", the minister said.
'Respond to needs'
In January, Allinson outlined plans to bring forward a "double lock guarantee" for those who retired after 5 April 2019 as part of the 2025-26 budget to preserve the National Insurance (NI) Fund.Under the "triple lock" principle, which is currently applied, the state pension sees increases each year in line with the higher of UK CPI inflation, average earnings, or 2.5%.But a report released in October forecast the NI Fund would be exhausted by 2047-48 if that system continued to be followed.Ahead of Tuesday's debate, Allinson said he "had to respond to the needs and the wishes" of the MHKs who had raised concerns about a lack of consultation with politicians and the public and and the timeframe of the changes. A proposed 4.1% rise in both the basic state Retirement Pension and Manx State Pension will now be put forward as part of the budget instead.The future of the National Insurance scheme will now be debated in April.The Isle of Man Budget 2025-26 will be delivered by Allinson at 10:00 GMT on Tuesday in the Tynwald Chamber before being debated by politicians.
Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South Wales Guardian
3 hours ago
- South Wales Guardian
BBC will not appeal against Adams' defamation case victory
Mr Adams, a former president of Sinn Fein, said there needed to be 'substantial reform' of the broadcaster. Mr Adams took the BBC to court over a 2016 episode of its Spotlight programme, and an accompanying online story, which he said defamed him by alleging he sanctioned the killing of former Sinn Fein official Denis Donaldson, in which he denies any involvement. Last month, a jury at the High Court in Dublin found in his favour and awarded him 100,000 euros (£84,000) after determining that was the meaning of words included in the programme and article. The BBC, which was found by the jury not to have acted in good faith nor in a fair and reasonable way, was also ordered to pay the former Sinn Fein leader's legal costs. After the decision, the broadcaster's legal team was granted a stay in the payment of the full award as it took time to consider an appeal. However, on Friday, the BBC confirmed it would not pursue an appeal. A spokesperson said: 'We have given careful consideration to the jury's decision. 'We will not be appealing its verdict, bringing this matter to a conclusion. 'We remain committed to public interest journalism and to serving all BBC audiences.' In a statement issued through the Sinn Fein press office on Friday, Mr Adams said: 'The decision not to appeal by the British Broadcasting Corporation has to be followed by a substantial reform of its internal journalistic processes and a recognition that it cannot continue to be a voice for the British state in Ireland. 'It must also become more accountable to the public. 'The Dublin Court found the BBC guilty of libel and rejected its claim that its journalism was fair and reasonable and in the public interest. 'The British Broadcasting Corporation is a public service provider. There is an onus on the BBC to ensure that in the future its ethics and journalism reflect the principles and values of a public broadcast service. 'As I have already said the damages will be donated to good causes.'
Rhyl Journal
3 hours ago
- Rhyl Journal
BBC will not appeal against Adams' defamation case victory
Mr Adams, a former president of Sinn Fein, said there needed to be 'substantial reform' of the broadcaster. Mr Adams took the BBC to court over a 2016 episode of its Spotlight programme, and an accompanying online story, which he said defamed him by alleging he sanctioned the killing of former Sinn Fein official Denis Donaldson, in which he denies any involvement. Last month, a jury at the High Court in Dublin found in his favour and awarded him 100,000 euros (£84,000) after determining that was the meaning of words included in the programme and article. The BBC, which was found by the jury not to have acted in good faith nor in a fair and reasonable way, was also ordered to pay the former Sinn Fein leader's legal costs. After the decision, the broadcaster's legal team was granted a stay in the payment of the full award as it took time to consider an appeal. However, on Friday, the BBC confirmed it would not pursue an appeal. A spokesperson said: 'We have given careful consideration to the jury's decision. 'We will not be appealing its verdict, bringing this matter to a conclusion. 'We remain committed to public interest journalism and to serving all BBC audiences.' In a statement issued through the Sinn Fein press office on Friday, Mr Adams said: 'The decision not to appeal by the British Broadcasting Corporation has to be followed by a substantial reform of its internal journalistic processes and a recognition that it cannot continue to be a voice for the British state in Ireland. 'It must also become more accountable to the public. 'The Dublin Court found the BBC guilty of libel and rejected its claim that its journalism was fair and reasonable and in the public interest. 'The British Broadcasting Corporation is a public service provider. There is an onus on the BBC to ensure that in the future its ethics and journalism reflect the principles and values of a public broadcast service. 'As I have already said the damages will be donated to good causes.'
North Wales Chronicle
3 hours ago
- North Wales Chronicle
BBC will not appeal against Adams' defamation case victory
Mr Adams, a former president of Sinn Fein, said there needed to be 'substantial reform' of the broadcaster. Mr Adams took the BBC to court over a 2016 episode of its Spotlight programme, and an accompanying online story, which he said defamed him by alleging he sanctioned the killing of former Sinn Fein official Denis Donaldson, in which he denies any involvement. Last month, a jury at the High Court in Dublin found in his favour and awarded him 100,000 euros (£84,000) after determining that was the meaning of words included in the programme and article. The BBC, which was found by the jury not to have acted in good faith nor in a fair and reasonable way, was also ordered to pay the former Sinn Fein leader's legal costs. After the decision, the broadcaster's legal team was granted a stay in the payment of the full award as it took time to consider an appeal. However, on Friday, the BBC confirmed it would not pursue an appeal. A spokesperson said: 'We have given careful consideration to the jury's decision. 'We will not be appealing its verdict, bringing this matter to a conclusion. 'We remain committed to public interest journalism and to serving all BBC audiences.' In a statement issued through the Sinn Fein press office on Friday, Mr Adams said: 'The decision not to appeal by the British Broadcasting Corporation has to be followed by a substantial reform of its internal journalistic processes and a recognition that it cannot continue to be a voice for the British state in Ireland. 'It must also become more accountable to the public. 'The Dublin Court found the BBC guilty of libel and rejected its claim that its journalism was fair and reasonable and in the public interest. 'The British Broadcasting Corporation is a public service provider. There is an onus on the BBC to ensure that in the future its ethics and journalism reflect the principles and values of a public broadcast service. 'As I have already said the damages will be donated to good causes.'
