Alf Cannan's I Have A Dream

[Banker]

21 minutes ago, cheesypeas said:

What actually happens when the money runs out? Did I read somewhere that the UK is not allowed to let the IOM go bust?

Do we just become another piece of Lancashire or Cumbria? 

Not going to happen, report here in why reserves are being used but it’s difficult for many people to grasp!

https://www.iomtoday.co.im/news/budget-government-plunders-reserves-to-support-public-spending-596377

[Non-Believer]

1 hour ago, Banker said:

Not going to happen, report here in why reserves are being used but it’s difficult for many people to grasp!

https://www.iomtoday.co.im/news/budget-government-plunders-reserves-to-support-public-spending-596377

It's not the difficulty in grasping that is the issue.

It is the nature and the whys of the "gaps" in public spending that the reserves are being used to plug.

The article itself uses some colourful descriptive language, "plundering" and "raiding", which is least partly accurate.

[Mercenary]

2 hours ago, cheesypeas said:

What actually happens when the money runs out? Did I read somewhere that the UK is not allowed to let the IOM go bust?

Do we just become another piece of Lancashire or Cumbria? 

If you think having no reserves is 'going bust' you'll be shocked to see the UK fiscal position...

 

In reality with current legislation all non essential spending would have to be cut to balance budget involving medium scale furloughs/layoffs.

[code99]

16 hours ago, Non-Believer said:

We need to be aware that democratic financial control has been largely lost, taken away by a huge, feeding maggot that doesn't care where the money is coming from and it's own permanent answer is to continually raise taxes rather than turning the knife upon itself.

But even their fixation with ‘raising taxes’ is fraught with difficulties. Many medium to high income IOM residents are here for the tax advantages. If these relative tax advantages are taken away, how many of these residents will leave?

The global changes being introduced for taxing multi-national corporations could make a difference to the Government’s finances. The IOMG might be counting on these international tax changes giving them a jackpot. However, to-date the Government has offered few facts such as: which companies are qualifying multi-national corporations or how much additional tax revenue will be raised here.

A central IOMG objective is to grow economically active population, but doing this means having many more residents, which in turn means higher demand for our public services and infrastructure i.e., more Government investment (spending) on public services and infrastructure. Assuming all other economic conditions remain the same, in order to bridge the annual cashflow deficit of say £100m (of which about £40m are the public servants’ pensions) so that the Reserves no longer need to be ‘drained’, the Island would need to attract a different ‘type of resident’ – people who earn substantial salaries or have substantial wealth, which can be taxed. To-date the IOMG has not indicated which sectors of the economy it expects to grow to attract highly-paid additional residents. If the Tories by some miracle cling on to power at the UK GE next year, Rishi Sunak’s plan to abolish the Inheritance Tax, a boon for the rich, while retaining the Non-Dom scheme, also a benefit for the rich, will invariably encourage rich people in the UK to stay in the UK (historically, one reason wealthy UK retirement age residents move here is to avoid the UK Inheritance Tax regime; if Sunak’s plan gets the go ahead, that trend could stop). The Island could end up with population growth being largely made-up of low to average income earners (and their dependents) who will hardly pay any additional tax to Treasury. Who will then fund the demand for additional public services?

We have been hearing a lot of nebulous noise from the IOMG about the ‘growth’ in the population and also taxation income, but not a lot which is practical and tangible. We need to hear some specific details.

[Banker]

19 minutes ago, code99 said:

But even their fixation with ‘raising taxes’ is fraught with difficulties. Many medium to high income IOM residents are here for the tax advantages. If these relative tax advantages are taken away, how many of these residents will leave?

The global changes being introduced for taxing multi-national corporations could make a difference to the Government’s finances. The IOMG might be counting on these international tax changes giving them a jackpot. However, to-date the Government has offered few facts such as: which companies are qualifying multi-national corporations or how much additional tax revenue will be raised here.

A central IOMG objective is to grow economically active population, but doing this means having many more residents, which in turn means higher demand for our public services and infrastructure i.e., more Government investment (spending) on public services and infrastructure. Assuming all other economic conditions remain the same, in order to bridge the annual cashflow deficit of say £100m (of which about £40m are the public servants’ pensions) so that the Reserves no longer need to be ‘drained’, the Island would need to attract a different ‘type of resident’ – people who earn substantial salaries or have substantial wealth, which can be taxed. To-date the IOMG has not indicated which sectors of the economy it expects to grow to attract highly-paid additional residents. If the Tories by some miracle cling on to power at the UK GE next year, Rishi Sunak’s plan to abolish the Inheritance Tax, a boon for the rich, while retaining the Non-Dom scheme, also a benefit for the rich, will invariably encourage rich people in the UK to stay in the UK (historically, one reason wealthy UK retirement age residents move here is to avoid the UK Inheritance Tax regime; if Sunak’s plan gets the go ahead, that trend could stop). The Island could end up with population growth being largely made-up of low to average income earners (and their dependents) who will hardly pay any additional tax to Treasury. Who will then fund the demand for additional public services?

We have been hearing a lot of nebulous noise from the IOMG about the ‘growth’ in the population and also taxation income, but not a lot which is practical and tangible. We need to hear some specific details.

I would say there’s a very minimal chance of tories getting back in & therefore taxes will go up for everyone in Uk to fund all their promises.

The new tax strategy is due by year end.

Guernsey are looking to cut services as don’t have our reserves or introduce a sales tax of 5%
 

https://www.bbc.com/news/world-europe-guernsey-66000605.amp

[code99]

2 hours ago, Banker said:

I would say there’s a very minimal chance of tories getting back in & therefore taxes will go up for everyone in Uk to fund all their promises.

The new tax strategy is due by year end.

Guernsey are looking to cut services as don’t have our reserves or introduce a sales tax of 5%
 

https://www.bbc.com/news/world-europe-guernsey-66000605.amp

I agree with your assertion that the Tories will not win the next GE.

IMHO, comparing our performance to that in the UK/Guernsey/Jersey is useful to a point, but the perennial defence that because ‘the UK/Guernsey/Jersey have problems then it’s OK for us to have problems too’ is wearing thin. The type of residents this Government wants to attract to the Island sometimes have the luxury of choosing to live anywhere in the world. We are competing for talent with the rest of the world not just with the UK/Guernsey/Jersey.

[TheTeapot]

1 hour ago, code99 said:

I agree with your assertion that the Tories will not win the next GE.

They will. The opposition parties are all shit.

[Banker]

1 hour ago, TheTeapot said:

They will. The opposition parties are all shit.

Have you put a bet on , think it’s 9/1 they retain majority with labour odds on

[TheTeapot]

35 minutes ago, Banker said:

Have you put a bet on 

Have I fuck.

Gambling is for dickheads

[Dirty Buggane]

Of the 15 thousand new residents how many will be employed by the government, They need extra staff to bolster the pyramid scheme. The same reason they can not cut staff as they need every penny for the legacy payments.

[Twitch]

9 minutes ago, Dirty Buggane said:

Of the 15 thousand new residents how many will be employed by the government, They need extra staff to bolster the pyramid scheme. The same reason they can not cut staff as they need every penny for the legacy payments.

If we assume that dependants/children of the new residents will number 10,000, then I'm going with 5000 employed by Government.

[woolley]

On 9/29/2023 at 11:21 PM, Omobono said:

but money taken from reserves looses its ability to earn interest and particularly now  when rates are so high  its effectivly a double whammy  loose loose !

it used to be against the law for Tynwald to approve a deficit budget but sadly all resemblance of financial control  and keeping within  your budget seems to be out of control,  perhaps Dr Allinson should be prescribed some testosterone so he can grow a pair before the money runs out ,

It still is against the law to approve a deficit budget, and the law is complied with by drawing down reserves. Clever, eh?

[Banker]

People whining about deficit/use of reserves but still haven’t seen any solution to short term problems.

IOMG salary bill will go up by further £29m if healthcare jobs are filled but don’t expect people will whine then or maybe they will 😂

[2112]

2 hours ago, Banker said:

People whining about deficit/use of reserves but still haven’t seen any solution to short term problems.

IOMG salary bill will go up by further £29m if healthcare jobs are filled but don’t expect people will whine then or maybe they will 😂

I for one wouldn’t whine if the wage bill went up, because lots of the staff being recruited were for frontline patient care roles. The same applies to customer facing roles within the civil service, those at the coal face doing the work, as opposed to the HEOs, SEOs and other top bods on massive salaries. Also the forever recruitment of managerial non jobs, and newly created jobs, when there isn’t a need for them. 

Edited October 2, 2023 by 2112

[Banker]

1 hour ago, 2112 said:

I for one wouldn’t whine if the wage bill went up, because lots of the staff being recruited were for frontline patient care roles. The same applies to customer facing roles within the civil service, those at the coal face doing the work, as opposed to the HEOs, SEOs and other top bods on massive salaries. Also the forever recruitment of managerial non jobs, and newly created jobs, when there isn’t a need for them. 

Well Hooper does say restrictions on recruitment in admin jobs which is maybe why they’re outsourcing posting letters to post office