Letters are being sent to households inviting people to take part in a survey that will help to shape the Island’s future finances and inform the development of Government policy.
The Cabinet Office is seeking a wide cross-section of the Manx public to participate in the Household Income and Expenditure Survey (HIES).
Data collected from volunteer households will be used to determine the basket of goods included in the consumer and retail price indices, measures of Island inflation. It will also enable Government to gain a better understanding of household finances.
In addition, the results will be used in conjunction with information provided by Island businesses to help calculate the Isle of Man’s indirect tax share under the VAT sharing arrangement with the UK.
The initial phase of HIES invitations has been sent to a random sample of Island households. People can also volunteer to take part by visiting the Government website.
After a short initial interview at their home, participants will be required to keep a diary over a two-week period to monitor the entire household’s expenditure (excluding under 16s). All the information collected is treated in the strictest confidence.
Everyone aged 16 or over who takes part in the survey will receive a one-off payment of £15, while participating households will also be entered into a draw for the chance to win £1,000.
Chris Thomas MHK, Minister for Policy & Reform, said:
‘The data collected from this survey will offer a solid base of evidence to inform Government thinking during the development of policy. By taking part people will be making an important civic contribution, as well as giving themselves an opportunity to win a cash prize.’