Paul Craine MLC has confirmed he will support the Treasury’s budget, despite describing it as a “very small giveaway” that falls short of addressing the long-term economic and demographic challenges.
Speaking in the March sitting of Tynwald, Mr Craine said there was “much to commend” in the budget, but he shared the view of other members that the giveaway element had been “blanket applied” rather than targeted at those most in need or focused on economic development.
“This is not a giveaway that’s going to kick start a sluggish economy,” he said. “It’s not large enough to do that.”
Population
Mr Craine warned that the island’s ageing population, falling birth rate and labour shortages were hampering growth. He noted that the 2021 census showed 22.5% of residents were aged over 65, with the number of people turning 65 currently exceeding 1,000 a year.
“We’ve got some real demographic problems here,” he said. “The shortage of labour is hampering the growth in the economy.”
He cautioned against a return to austerity, arguing it had “exacerbated our problems” following the 2010 VAT crisis.
“This is a time when we need to be investing in developing our community,” he said. “That’s where I think this budget has fallen short.”