This is from the Isle of Man budget statement and explains how they'll balance their books:
It's quite clear the trick is achieved by slashing capital spending, reducing the capital budget to zero and by selling the family silver.
Then what?
What happens after 2014?
Is anyone asking?
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
It’s worth noting that capital spending has been extremely high in the last ten years, with a new hospital, schools, prison, airport expansion, power station and energy from waste facilities, huge investment in new public sector housing etc. This was clearly done while they enjoyed the good times to provide future infrastructure. There aren’t many of these exceptionally large capital schemes left to be provided. I do accept that slashing capital funding is not the long term answer but in order to maintain stability in the island’s financial situation, maintaining business and resident confidence for the next 3 years is not an unreasonable approach. And it’s always helpful that the economy continues to expand, must be doing something right in some areas
Stevo
You are absolutely correct. It is easier to see the actual results of Govt spending on a smaller Island, where the investment or lack of it in the UK can be lost from the populations sight.
You only need to pop on a 25 minute ‘plane trip to Liverpool, pick up a copy of the Echo and walk 200 metres outside of the main shopping area to see how well things are going in the UK!
Exactly, how many towns in the UK of 70 or 80 thousand people has seen the kind of investment that the isle of man has in the last two decades? Looking at the numbers from one budget only tells you so much, there are a lot of savings the government can make that require no tax rises or significant spending cuts. Capital spending has been exceptionally high for many years, i would actually say it’s falling to a normalised, sensible level.
@Stevo and Adrian Black
a.k.a. the Isle of Man Mutual Admiration Society
And how were the “good times” funded?
Dream on …