Minister of Treasury - Dr Spend - waffle, spin, deflect

[Andy Onchan]

3 hours ago, Roger Mexico said:

You have to realise that DfE being 'self-financing' is an accounting trick though.  The only bit of it that makes the money is the only non-enterprising bit - the Central Registry, which charges for property and company registration etc.  This made around £15 million in 2022-23 (income £17 m, costs £2 m) and that profit is what pays for the rest of DfE - rather than going into the general revenue to pay for nurses, teachers and so on.

The Aircraft and the Ship Registry only usually do slightly better than break even over the years (Ship £266K loss; Aircraft £366K profit  in latest figures).  The justification is more that the business they bring also feeds into the economy.  All other areas are loss-making, subsidised by the Registry:  Motorsport £6.6 million, Enterprise Support £5.7 million, Tourism £2 million, about £5 million for management etc. 

(Despite claiming to be self-financing there's a 'probable' loss of £4.7 million.  I suspect special funds will be found from Treasury for some of those 'Support' categories so as to maintain the myth).

Staff costs are actually £11 million, which is probably an under-estimate because some employed as contractors may not be included.  Obviously some of that will be justified, but I suspect a lower percentage than most other Departments.

It's true that most IOMG costs are justified and we don't tax the well-off enough to pay for them.  It's a fantasy that enough savings can be made by cutting back on all these nebulous jobs and functions and layers of management.  But you can still save an awful lot and improve things for those who do carry out the essential, if less well-paid jobs.

I said a long time ago on here that the Registries should not be used to prop up the ever-profligate DfE (and it's predecessors). The Registries should be fall under a statutory board (for example the Registries Regulatory Authority) and the income from the services should go into the general taxation fund. DfE already think the income is theirs by right. It's not.   

[Banker]

On 6/26/2023 at 4:27 PM, Non-Believer said:

I think it depends on how desperate the need for money.

When you've got liabilities like a £400M power station debt, a £500M+ pa PS wage bill (and growing), a £40M pa pensions legacy gap and you're also just in for a £100M ferry Terminal (to name just the commonly discussed ones), then a big pile of money with a few covenants around it can start looking mighty attractive, particularly when some of those liabilities involve a large voter base.

A lot of MUA debt was refinanced via the £400m bond along with steam packet purchase plus new Manxman

[Albert Tatlock]

Steam racket now on a par with Easyjet for foot passengers fares.

Robbing t***s.  Just another govt pension scheme now.

[Non-Believer]

24 minutes ago, Banker said:

A lot of MUA debt was refinanced via the £400m bond along with steam packet purchase plus new Manxman

But it still needs to be paid back, it was a refinancing loan, not a grant. It just made things more sustainable in the short and medium terms.

[Ringy Rose]

On 6/27/2023 at 12:26 PM, Roger Mexico said:

You have to realise that DfE being 'self-financing' is an accounting trick though.  The only bit of it that makes the money is the only non-enterprising bit - the Central Registry, which charges for property and company registration etc.

I don’t disagree- I did say there’s a strong argument we don’t need all the different semi-autonomous divisions- but my point was more that you could bin all of DfE off and it’d barely make a dent in the government’s budget.

[Barlow]

On 6/27/2023 at 3:51 PM, Barlow said:

Do we have beggars? I hope not. 

Any town and city in UK has a beggar more-or-less on every corner. A true blight on our society. 

Ahh! Saw my first Isle of Man beggar in Strand Street today.

[Numbnuts]

1 hour ago, Barlow said:

Ahh! Saw my first Isle of Man beggar in Strand Street today.

Apparently she’s foreign , and lots rang Police around 3 ish and they were responding. Didn’t speak English but holding a sign in English.. 

[Barlow]

The sign said something on the lines of "Hungry, please help. God Bless". 

I have every sympathy with her if she is in trouble. Which clearly she is, whatever the reason eg bullied into begging, which is a bit of an industry apparently.

 

 

[Dirty Buggane]

How did she afford the air/ferry fare. Did she have to buy the begging pitch.

[2112]

30 minutes ago, Dirty Buggane said:

How did she afford the air/ferry fare. Did she have to buy the begging pitch.

I wonder if IOMG/DHSC/Treasury will put her on the first available sailing, like what was policy in the distant past?

[finlo]

4 minutes ago, 2112 said:

I wonder if IOMG/DHSC/Treasury will put her on the first available sailing, like what was policy in the distant past?

Wasn't there a couple in the doorway of Wallace's recently who were deported quick sharp?

[forestboy]

18 minutes ago, 2112 said:

I wonder if IOMG/DHSC/Treasury will put her on the first available sailing, like what was policy in the distant past?

Yes with a voucher. 

[A fool and his money.....]

Maybe they'll put her in the homeless shelter that Chris "all talk no action" Thomas is sorting out.

[Kipper99]

There were a group of Romanians, came over in a van. Suspect a boss and his modern slavery gang. Police arrested them all and took them to Dukes Avenue. It was found they had funds and they were offered the choice of charges or pay their way off Island.

They paid for tickets and were escorted to the 19.45 Ben sailing.

[Guest]

1 hour ago, Kipper99 said:

...they were offered the choice of charges or pay their way off Island.

When did the IoM get plea bargaining?