The Isle of Man Treasury Minister, Alfred Cannan MHK, has announced the spending plans for the next year in the annual budget.
Mr Cannan laid out the annual budget in Tynwald this morning.
Plans include a fourth consecutive rise in personal tax allowance, alongside increases in benefits and allowances for parents, carers, pensioners and people with disabilities.
The personal income tax allowance will be increased from £250 to £14,250, reducing income tax by up to £50 for individuals and £100 for jointly assessed couples.
An initial fund of £10 million has been committed to tackling climate change, as recommended in an independent report earlier in the year.
Government departments will also receive a boost in finances:
- £5 million for the Department of Infrastructure.
- £2.3 million for the Department of Enterprise.
- £2.2 million for Department for Health and Social Care.
- £700,000 for the Department for Education, Sport and Culture.
Capital Investment Programme
A new capital programme was also included in the 2020 Budget.
Over £540 million will be spent on a range of schemes over the next fives years.
These include a commitment to tackling climate change and improving transport infrastructure.
Projects include the Douglas Promenade, the Isle of Man Ferry Terminal in Liverpool, renovations at Ronaldsway Airport and sports pitch works at Castle Rushen High School.
A total of £46 million will also be applied to highway schemes to tackle issues on residential roads.
Mr Cannan has previously spoken about overspending in some departments and addressed the issue below.
More details on the 2020 Isle of Man Budget can be found here.