Firms flock to sell-out budget debrief

The Treasury Minister has addressed 250 representatives of Manx business at a post-budget breakfast summit at the Palace Hotel.

The sell-out event (18 Feb) saw Mr Teare tell Junior Chamber of Commerce members his rebalancing of spending and income had set the Island on a steady course to operate within its means in future.

That's after almost £90 million had been taken from reserves over three years to help pay for public services.

The minister said a leaner, more efficient government machine had emerged after painful cutbacks - but confirmed a root-and-branch reform of the Island's welfare system was on the way.

As the budget headlines fade, Island accountancy practices have been examining the small print.

Tax accountant at Douglas-based PwC Kevin Cowley has looked closely at government's assertion reserves are no longer required for day-to-day spending.

He says while government may not plan to dip into external investments in the financial year ahead - the so-called rainy day fund - spending of reserve funds for other purposes continues.

In an assessment of this year's budget Mr Cowley told Marian Kenny government accounts were highly complex: