Government on course to rebalance finances by 2015/16.
- Further real terms savings of £25m on top of £80m saved since 2010/11.
- Net spending is reduced by £4.3m, including £11m from reserves.
- Gross spending on benefits up £6m (2.5%), net spending on Health and Social Care up by £3.9m.
- Capital programme of £72m includes £50m for construction schemes including £17m for local authority housing. Constuction spend up by £6m on last year.
- Use of reserves in current year expected to be £31m as planned.
- The target of £10m efficiency saving is on course to be achieved by 2015-16 with £7m saving achieved to 2014-15.
- Government headcount to reduce by 153 posts.
- Nursing Care Contribution payment increased from £110 to £111 per week.
- No change to income tax rates, personal allowances increased to £9,500 for single persons and £19,000 for jointly assessed couples.
- Maximum income tax liability, the 'tax cap', remains at £120,000.
- Personal Allowance Credit remains at £500 per person.
- Additional Personal Allowance for the over 65's is reduced to £1,000.
- Means testing of Child Benefit and a reduction of the Christmas Bonus to £40 per annum to control growing costs of universal benefits.
Further information from:
Caldric Randall, Chief Financial Officer
Isle of Man
+44 1624 686433