No end to Government spending

Today’s (February 20) budget shows that there is no let up in the Departments spending with the Treasury Minister committing more budget to Health, Education and Infrastructure.

The Department for Health will receive an additional £41.2 million taking its budget to almost £300 million at £294,978,000.

The Governments long term financial plan will see the Department for Health and Social Care’s annual expenditure budget ‘gradually’ increase before topping a whooping £400million in 2028-29.

Whilst the Education Department sees a rise of £18 million to £141 million.

Government spending

• The Department of Infrastructure sees an uplift of £7.2 million;
• The Department of Enterprise getting an extra £1.3 million;
• Home Affairs gets £4.2 million more;
• Cabinet Office gets an increase of £4.6 million;
• The Department for Environment, Food and Agriculture seeing £1.3 million more.

The Manx Government plans on using £98 million of reserves to prop up the 2024/25 budget year.

This is in addition to the £126.5 million drawn down in the current financial year.

Extra budget

The Isle of Man Government has welcomed new approvals worth just over £20 million within its capital budget:

The internal funds for Government are as follows:

• Agriculture & Forestry Fund extra £2m which it plans to use as support for meat plant and agri-environment scheme.
• Revenue Contingency Fund extra £1.5m for reduced funding post-pandemic.
• Transformation Fund extra £1.5m for continued funding available to finance initiatives to digitise and automate processes
• Healthcare Transformation Fund extra £3.5m for funding to support the implementation of the recommendations within the Sir Jonathan Michael Report.
• Legal Cost Reserve extra £4.15m for replenishing fund balance to provide funding for unpredictable costs not included in departmental budgets.
• Medical Indemnity Fund extra £3m for further top up to meet future liability demands.
• Project Development Fund extra £5m to fund continues to be available for design and feasibility work for capital schemes.
• Housing and Communities Fund extra £1m which will be funding to support the work of the Housing and Communities Board.