Tomorrow is Budget day and Treasury Minister Alf Cannan will present his fifth and final Budget to Tynwald and the Great Manx Public.
In a financial year where Covid had us forced to stay at home, our tourist economy collapsed, the TT was cancelled and Brexit finally happened, this has been a year of great challenges for the Isle of Man. We do appear to be emerging from the storm, but with the only certainty being uncertainty, the Budget Mr Cannan will present reflects a cautious optimism.
What is the Budget?
Essentially this is the money the gov plans to spend for the next financial year. It is also where gov forecasts the tax income for the year. It is presented by the Treasury Minister, in this case Mr Cannan, at the February Tynwald each year.
Why Should I Care?
It’s our money, simple as that. There is no such thing as gov money, it is taxpayers’ money. So if you pay taxes, which we all do whether it’s VAT or income tax or petrol duty or road tax, we all pay, so we should all pay attention to how our elected officials are spending our money. Also it’s an election year, so if you don’t like how your money is spent, make sure you’re registered to vote in September.
What Does the Money Go On?
Everything, from pensions to police officers and manhole covers to Mercedes double decker buses, all the money gov spends ultimately comes from taxes and investment of our money.
When Is It Released?
Tynwald sits at 10.30am on Tuesday morning, with the Budget likely to dominate the entire first day. Mr Cannan will rise and present his Budget to Tynwald shortly after the resumption of the sitting. The Budget itself, along with Gef’s coverage, will be released at 11.30am, so make sure to check our socials, website and app for the up to date info.
Traditionally the debate that follows will present a chance for MHKs and MLCs to take it in turns to praise parts of the Budget (particularly the work of depts they work in) and criticise other parts, before then voting in favour of it. The Budget cannot be amended, it can only be voted through or rejected, as such Tynwald will 99.99% be passing this Budget, probably late on Tuesday evening, you can bet your dinner on it.