The Treasury Minister, Alfred Cannan MHK, has announced the spending plans for the Isle of Man in his 2019/20 Manx Budget speech.
Almost £10 million more will be used for education, health and policing amongst other sectors as the government prepares for a year of Brexit uncertainty.
Speaking in Tynwald this morning, he outlined how he will use public money over the next financial year.
The Chief Minister, Howard Quayle, said that "bold reforms and commitment to economic growth" has enabled the spending plans to take place.
IoM Budget 2019/20 Summary:
- An increase to the personal income tax allowance of £750 raising it to £14,000 for a resident individual and £28,000 for a jointly assessed couple. This will lift 1,550 people out of the tax net.
- A £1 million top-up for the Brexit Fund to continue negotiations as the UK leaves the EU.
- A new National Insurance Holiday Scheme for employees who move to the island for work and for students from the Isle of Man who return to the island after their university course.
- A new Manx state pension from April 2019 at £184.15 per week.
- £3 million for Health and Social Care services.
- £3 million for Home Affairs with a focus on policing.
- £2.2 million for Infrastructure.
- £1.5 million for Education, Sport and Culture.
- A five-year capital investment programme costing £479 million which will include developments on the Isle of Man Ferry Terminal in Liverpool, a new telecoms strategy and a Douglas promenade walkway.
- £2 million to develop the Airport Technology Gateway.
- Introduction of a sugar tax from April 2019 which is expected to raise £300,000 to be used by the Department of Health and Social Care.
- A further £1 million funding for the Agriculture and Forestry Fund per year for three years.
- £350,000 for the Department of Environment, Food and Agriculture to deliver an Agriculture Development Scheme with an emphasis on environmental priorities, sustainable food production and more investment in modern infrastructure.
- A new Community Fund to fund community projects that support the island's UNESCO biosphere status.