Jump to content

Government Reserves Revealed - £1.28billion


%age

Recommended Posts

Manx Radio News

 

Probably the best thing to do would be to divide this amount by £140, 000,000 (the amount we are losing off the UK in the VAT palava) and so we could make up that amount each year.

 

I know this doesn't seem a very good thing to do but if you think about it, it would be ok for quite some years, in my estimation.

Link to comment
Share on other sites

  • Replies 141
  • Created
  • Last Reply
Even so, I think you're onto something here Declan.

 

We could share it out and get, er £16,000 each?

 

 

I say we do it.

 

 

Just think Mr Whitaker is sitting at home with more than the government has got !

Link to comment
Share on other sites

Manx Radio News

 

Probably the best thing to do would be to divide this amount by £140, 000,000 (the amount we are losing off the UK in the VAT palava) and so we could make up that amount each year.

 

I know this doesn't seem a very good thing to do but if you think about it, it would be ok for quite some years, in my estimation.

 

I find this odd on the basis of the Foot Report confirming that:-

 

"3.25 None of the Crown Dependencies have, however, taken on significant levels borrowing. This is a measure of the economic resilience achieved by pursuing a policy of building up reserves during a period of rapid economic growth to provide a cushion during a downturn. The reserves range from £582 million (at 31 December 2008) in Jersey to £221.3 million (at 31 December 2008) in Guernsey. The reserve fund in the Isle of Man stood at £337 million at 31 March 2009."

 

So how do we get from reserves of £337m to £1.28bn?

 

The fact is that most of the money in the MR report is not in 'reserve' but allocated against specific government liabilities its not rainy day money.

Link to comment
Share on other sites

The fact is that most of the money in the MR report is not in 'reserve' but allocated against specific government liabilities its not rainy day money.

Its money for specific types of rain.

 

Agreed but its simply bad reporting as most of this money is not government 'reserves' as such. The money is allocated to specific budgets such as the NI fund which may or may not already be underfunded so the fact that we have £500m in the NI 'reserve' is useless if the total NI liability is £900m - as our free 'reserve' of £337m couldn't even cover the shortfall . The MR report is rubbish.

Link to comment
Share on other sites

The fact is that most of the money in the MR report is not in 'reserve' but allocated against specific government liabilities its not rainy day money.

Its money for specific types of rain.

 

Agreed but its simply bad reporting as most of this money is not government 'reserves' as such. The money is allocated to specific budgets such as the NI fund which may or may not already be underfunded so the fact that we have £500m in the NI 'reserve' is useless if the total NI liability is £900m - as our free 'reserve' of £337m couldn't even cover the shortfall . The MR report is rubbish.

 

That's the problem when you operate "pay as you go" systems that are ostensibly funded out of general government revenue. The public sector pension liability is over £1 billion already and has no reserve account allocated to it at all, so all of these figures suggesting that we have "a billion" in reserve are misleading really as the total of what we have is nowhere near the liabilities that IOMG have to meet over the next 30 or 40 years. As with the national insurance fund there is some money allocated to that reserve account but its likely that this is only a small proportion of the total liability that fund has to pay out peoples' state pensions and benefits etc over the next 30 or 40 years.

 

Looks like MR have again just re-printed another official IOMG press release without even stopping to read it or attempting to apply a sense-check the content. They must have been deafened by all that trumpet blowing.

Link to comment
Share on other sites

Tax Mr Whittaker and his other 'rich list' buddies just a few percent more....problem solved :)

 

Any percentage application is now irrelevant with their £100,000 tax cap.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...