Albert Tatlock Posted February 17, 2009 Share Posted February 17, 2009 VAT cut not welcome and has impacted budget. So has tax fall from corporate and individuals. Three quarters of job josses from construction and retail. Each job loss costs £15K a year. Job seekers allowance 6.5 % uprate maintained, most other benefits will rise by 5%. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Growth expected at 2.5% - thats 3.5% lows than last year. Recovery expected late 2010. Inflation down from 6.5% to 1.5% in a few months. Economy remains strong compared with elsewhere. Link to comment Share on other sites More sharing options...
Slim Posted February 17, 2009 Share Posted February 17, 2009 Growth expected at 2.5% - thats 3.5% lows than last year. Recovery expected late 2010. Interesting, he maintains there's going to be no recession? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Iceland - no money back so far. £150 million in support agreed. Dialogue continues. 6000 applications hade for support. Likely to cost £105 million in total. Relationship with UK under pressure. Need to get message across, and build relationships. Expanding scope of marketing and issues fund by £5 million. Tax cooperation to be increased. Obama and EU pushing for new blacklist. IOM 'is not a tax haven' and should not appear on any such list. 'Foot review' progressing, but he hasn't met anyonbe from the island yet. Triple A rating confirmed. Awaiting (expecting) positive support from IMF report. Link to comment Share on other sites More sharing options...
Tugger Posted February 17, 2009 Share Posted February 17, 2009 Thanks for this Albert Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 G20 will meet in April, to agree apprach to regulation. IOM needs to interact with them. Local companies doing well. Film pproductions up, though not up by much. 2 productions in progress. Media development fund needs to be used for longer term emplyment opportunities. E-business up, been given £2M in support so far - 16 approved and other 5 granted. E-gaming now contributng to economy. Manufacturing 2nd larger after banking and emplyed 3000 people. Aerospace up by 50 new jobs recently. Expansion plans underway - creating more jobs in 2009. DTI trying to help local businesses (30 businesses so far). Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Ship register performing well with 1000 ships on register. 4 new companies attracted to island. Aircraft registry up. Agriculture. £5M for support available. Link to comment Share on other sites More sharing options...
Slim Posted February 17, 2009 Share Posted February 17, 2009 Local companies doing well. Film pproductions up, though not up by much. 2 productions in progress. Any mention of deposit numbers? Stats still not updated for the last qtr on the web. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Revenue down to VAT and lower spending £24.5 and £21M fall expected in govt income. (VAT and other). Surplus to be used to maintain economy and pensions. Marketing is a priority, £15M in total will be available to promote IOM. Tourism needs to be a major part of island. IT £4M available for public services improvement etc. Govt needs to drive government productivity. Public pensions costing 10% more each year. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 All govt depts need to manage their budgets and invest their money properly. Allocation reduced in support of capital programme. Budgets reduced by £16M, construction to be supported. Public sector to be tightened. £3m to be found for every 1% increase in govt pay - as is provate sector. Income levels expect to revover in 2011 as long as VAT goes back to normal, and interest rises. MEA is a demand on public finances. £2.5M support required. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Spending likely to rise by around 5%. Waste in govt needs to be identified and removed. Increase in pension 5%. £228.45 married couple in April, £142 for single. Age allowance now takes half of pensioners out of tax (introduced last year). 3 depts reduced budgets next year. Cuts avoided. Capital needs to be focussed on unemployment (esp construction). 2/3 of programmes will be delivered. Schemes reviewed. £55M out of £120M construction related will be spent. £22M will also be spent by local authorities. Larger construction plans - i.e. £20M on public housing available. Runway extension, iris and bemhague school. Effort and emphgasis on job protection. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Elderly benefiting from tax changes. International tax agreements with Ireland, UK and Australia signed recently. More agreements in progress. Efforts on transparency and cooperation to increase stability a priority. Need to re-examine tax policy. Actively reviewing tax strategy. Some requested to introduce e.g. ISA's - under consideration. Not the right time as it will cost us too much. Budgets have been tightened. TAXES WILL NOT BE RAISED FROZEN TO 2008 LEVELS. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Personal tax allowance to be increased. Cost £1M adding 800 people. State benefits not to be taxed. Redefining job seekers as a taxable benefit. Next 12 months likely to be difficult, but economy is strong and we are not in recession. 25 year record of unbroken growth. Link to comment Share on other sites More sharing options...
TerryMcCann Posted February 17, 2009 Share Posted February 17, 2009 TAXES WILL NOT BE RAISED FROZEN TO 2008 LEVELS. That's all I wanted to hear. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Speech finished. Link to comment Share on other sites More sharing options...
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