A former Treasury Minister has issued a stark warning to election candidates, saying the island’s current level of spending is unsustainable and risks “bankrupting the country” if left unaddressed.
Eddie Teare, who served as Ayre MHK from 2004 to 2016 and led Treasury between 2011 and 2016, said government has spent around £500 million more than it has taken in over the past five years, relying heavily on reserves to plug the gap.
He said he sees no clear plan to return budgets to balance or rebuild financial resilience.
He urged voters to look past headline promises and judge whether candidates have the “ability and willpower” to confront the island’s financial position.
Health Spending
On health spending, Teare said costs continue to rise without any meaningful pressure to stay within budgets. He highlighted the island’s per‑head spending of £4,800, compared with £3,000 in Jersey, and said productivity and basic cost transparency must improve.
He also argued that means testing should be considered more widely, including for benefits such as free TV licences and cost of living payments.
Teare warned that the public sector has grown significantly since his time in office, with long‑term pension liabilities and other off‑balance‑sheet costs posing future risks.
He also pointed to areas of government activity not clearly reflected in public accounts, including the Manx Development Corporation and the Steam Packet.
Looking ahead, he said the next administration must focus on three priorities: saying “no” to unaffordable commitments, stabilising the public finances, and driving economic growth, including exploring emerging digital sectors.
Teare said difficult decisions should be taken early in the next administration, adding that vague policy statements without clear implementation plans are “meaningless”.
