Allinson: Treasury in Process of Reviewing Measures Announced in Westminster

Treasury Minister Dr Alex Allinson has given the Isle of Man’s official reaction to the UK Autumn Statement, or, as most of us call it, “whatever they’ve decided to do across”.

Chancellor Rachel Reeves stood up in Westminster, delivered her Budget updates, and in true Customs and Excise Agreement fashion, the Isle of Man is now obliged to follow some of it whether we like it or not.

So Treasury has spent yesterday and likely much of today doing what can only be described as the governmental equivalent of squinting at next door’s homework.

Dr Allinson said his team is currently reviewing the measures announced in London and working out what they mean for us before putting the finishing touches on our own Budget for February 2026.

But some changes kick in straight away.

From 6pm last night (26 November), tobacco duty has gone up by RPI plus 2%.

Alcohol duty is also set to rise from February 1, 2026.

One bit of relief: the island will continue to apply the UK’s 5p per litre cut in fuel duty until September 2026.

A small mercy, though probably not enough to stop your dad muttering about petrol prices every time you pass a garage.

Despite all the announcements, Dr Allinson insists our own Budget remains firmly on the way, once Treasury has finished sifting through Westminster’s paperwork.