The Treasury Minister has set out his priorities ahead of next month’s Budget, pledging action on pay, tax and economic growth.
Speaking to Manx.News,Chris Thomas said he was “pleased to come in” to the role in the national interest, with a clear focus on addressing immediate challenges while preparing the ground for the next administration.
“It’s people’s money we’re spending,” he said, stressing the need for openness ahead of the election.
One of his first moves has been to revise the minimum wage, after a formula used earlier this year produced unintended consequences.
The rate will rise to £12.86 an hour, remaining above the UK level while being more workable for households and employers.
Budget Incoming
With the Budget just weeks away, the Treasury Minister acknowledged it is largely built on work carried out over many months under his predecessor, but said meaningful political changes have already been made, most notably a planned increase to the personal tax allowance.
He described the approach as a calculated risk given the timescale, but said it directly addresses the financial pressures facing residents.
On growing the economy, Mr Thomas highlighted transport connectivity as a key budget priority, saying it supports everyone from farmers and freight-dependent businesses to residents who need to travel off-island.
He also pointed to housing as a continuing pillar of economic growth.
Economic Challenges
Although he did not initially support the Island Plan, Mr Thomas said it had improved during the administration and now underpins much of the budget’s investment focus.
He said the latest changes reflect the Chief Minister’s response to economic challenges and carry significant political weight.
Mr Thomas said he had accepted personal responsibility for the risks involved but praised Treasury staff for reworking core budget assumptions at short notice.
“It’ll be me who goes down if it doesn’t work,” he said, adding that many people would share in the success if it does.
He also reiterated the government’s aim to reduce reliance on reserves, saying the National Insurance Fund must remain the bedrock of social security and pensions, while efforts continue to bring income and expenditure back into balance.
