WTF Posted February 17, 2009 Share Posted February 17, 2009 Aircraft registry up. ofcourse its UP, it only started in 09. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 Other additional comments: RODAN: On KSF: Early payment scheme to be enhanced. Up to £10K. Addressing as far as we are able - not IOM's making - is UK govts making. IOM progressing it, issues going on that have not surfaced publically. On budget: Bell pulled off a 5 card trick. Balanced budget, low rates of personal and corp tax, increased spending DHSS 6%, all done without external borrowing. Most important element of speech was world position and our reputation (Senator Leven and Obama, G20 and others). Growth in public services and quality is the result of a succesful economy. We need to look for internal efficiency savings and only employ govt people that are necessary. DOWNEY: Has to be proper in-depth review of govt depts. Better VFM required. Procurement efficiencies identified. We have been profligate. Half a million people of Manx decent in the USA could be geared up to lobby on our behalf, in terms of writing to senators and improving things with OECD and general support of IOM - yup that's what he said. BRAIDWOOD: Depts on notice - sloppiness not allowed. Govt VFM needed, and targets right sorts of people. Link to comment Share on other sites More sharing options...
TerryMcCann Posted February 17, 2009 Share Posted February 17, 2009 Have they really scrapped the plan for that stupid roundabout at the QB? Perhaps this recession isn't so bad afterall Link to comment Share on other sites More sharing options...
monasqueen Posted February 17, 2009 Share Posted February 17, 2009 Personal tax allowance to be increased. Cost £1M adding 800 people. Does not seem to be covered in the resume - "Income Tax personal allowances remain unchanged at - Single Person’s Allowance £9,200 Married Couple’s Allowance £18,400 Single Parent Allowance £15,500 (including Single Person’s Allowance) Registered Blind Person Additional Allowance and Disabled Person Allowance £2,850 Thresholds at which higher rate becomes payable remain at - Single Person remains at £10,500 of taxable income; Married Couple remains at £21,000 of taxable income, fully transferable between husband and wife;" (from http://www.gov.im/treasury/budget/ ) Link to comment Share on other sites More sharing options...
Shill Posted February 17, 2009 Share Posted February 17, 2009 Have I missed it or is Mortgage Allownace not covered ? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 More - (paraphrasing): TEARE: DHSS only dept with substantial rise. Project savings in work practices, additional £500K on rehab drug/alc unit. Services need to be delivered in a different way e.g. people with learning difficulties. Need an open mind and try to adjust and adpapt. People living longer, two edge sword, people live longer but cost more. BELL: Recognition that DHSS spending on health and social services is essential. Hard work on getting a grip and limiting budgets in DHSS. Public expect health to be number one prioity. Growth in unemployment allows to need flexibility in budgets. Difficult to project next 12 months, VAT reduction has been a totally inneffective approach and damaged our budget. General election in UK by May of next year, Labour unlikely to want tax increases before that. On Pensions: Need to balance expenditure for years ahead. £1.3 billion pension committment in future - going up 10% a year, and in future will have a major problem. Pensions going to be a major concern in future, as most other countries. Tynwald members pensions likely to be up for debate. External things looking grimmer by the day, though danger tax increases and service cuts might have appeared business community, message is good for business confidence. Dearden (accountant/tax expert): Pleasantly surprised at budget. A lot of people expected tax rises. VAT has reduced a bit but not too bad. Pensions a real problem, not going to be able to afford them without money going in to reserves. Businesses are international, so worry that revenues and VAT could fall - but Bell managed to balance. Carter (Tax expert): Had a period of intense change in tax, but now reaching equilibium. Tax not cast in stone, but looking good for now. CANNAN: Support budget. How dependent we are on the UK. We are in sterling, money supply via UK, VAT principle supply of income. We cannot have our own bank - just don't have facilities. Financial services looks to us trading in sterling, must be open and transparent, no funny money. 40% of our income - 90% of that international, 10% home grown. Couch: Locked into UK, possible to have IOM central bank e.g. Malta successful. When times are difficult - thinking for next 2-5 years important. CANNEL (I think): Effciencies in spending. Schools have a modest increase - not cuts. IOM college expansion already budgeted for and will continue. Bemahague is important - 2013. Will take pressure off secondary schools. Swimming pool for Ramsey, two new schools, £40m committment for public sector housing. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 That's it from me. Link to comment Share on other sites More sharing options...
Tempus Fugit Posted February 17, 2009 Share Posted February 17, 2009 That's it from me. Link to comment Share on other sites More sharing options...
Slim Posted February 17, 2009 Share Posted February 17, 2009 Pretty good budget, lots of common sense, cutbacks on the things that can be cut, no cuts on the thing's we should carry on spending on. Not 100% convinced the projections are accurate, but I don't think anyone can be. Ta for the updates Albert, better than any of our paid news sources! Link to comment Share on other sites More sharing options...
slinkydevil Posted February 17, 2009 Share Posted February 17, 2009 Ta for the updates Albert, better than any of our paid news sources! Good job AT and echo above. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 BACK TO TYNWALD: RODAN: Need to up our game. Need to beat a path to 10 and 11 Downing Street. PR has been found wanting. KSF not the same as SIB and BBCI, this is down to the UK government, and full story is still to be heard. OECD list needs to be redefined. Financial crimes unit well run and an essential component of IOM international structure - with international recognisiton worldwide, but that message is not getting to poiticians in other countries. That is where we need to up our game. All this and AML initiatives need to be recognised by international politicians. Bell should be congratuled, given room for manouvre limited. Savings: not having ISA scheme or equivalent not good, saving is critically important. Still plenty of scope for progress on this. Many individuals hurting with poor return on savings and seeing value on savings collapse. Many too proud to ask for support, some even selling personal possessions to survive. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 MALLARKY: Drugs and alcohol initiative good and important. Bell should be congratulated, was expecting tax increases. Convinced we can ride the storm if we pull together. Support budget. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 WATTERSON: Are OECD blacklists maybe a good thing - need a statement? KSF - should be playing up our strengths. Pension reserves - no new money, which means deficit will grow. Cause for concern, gap will grow at least in short term. Big ussies for members, £105M nothing compared to £1.3Bn for pensions. Not reopening Southlands disspaointing, but realise cupboard is bare. Need clarification on methodology of capital budget. Those at top still getting tax breaks by not putting up tax, politically sends out a poor message to lower paid. Tax child benefit etc. not sure why job seekers targeted specifically. Good that some government depts have to focus on spending. A standstill budget. How wage settlements are to be handled needs looking at. Manage expectations of govt workforce. Need to share pain as well as gain. Support Cretneys comments on jobs etc. - welcomed. Need to look at deficiency in public housing. Saving schemes need to be looked at, and we don't want to slivishly copy UK 2007 pensions act. Hope govt will support how budget will be handled in future. Commend budget. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 QUIRK: Dept of Local govt and environment - should be looking at devolving local authorty powers e.g. local authority housing. Regulation on health and safety and all that - issues need to be explained. Bad enough for industry, without us acting as beurocrats. Not saying we shouldn't do it, but need to comminicate. DTI need to engage 16-18 year olds more. Training skills needed. 16-18 year olds not flagged up under unemployment. Most think no point and nothing to achieve by going to DHSS. Businessman coming to the island looking at investing here, half of the facilities indutsrial estates not up to it. Treasury should maybe look at investment bonds. Most local authority bonds coming to end in next month. KSF - treasury and authorities should be getting thanked for doing their best. Two submarines bumped into each other blah blah - bollocked for going off topic. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 17, 2009 Author Share Posted February 17, 2009 CROWE: Good budget. Congrats to DHSS, and post office and contribution to treasury. Also concerned on savings. IOM under a lot of pressure, as long as we act reasonably and responsibiliy we should be alright. Link to comment Share on other sites More sharing options...
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