woolley Posted November 29, 2023 Share Posted November 29, 2023 3 hours ago, code99 said: If the IOMG goes bust then the UK Govt will have to step in. IMHO, any bailout they provide will come with many unpalatable strings, The constitutional relationship between the UK and the Island is kept purposively vague. The UK has been "stepping in" throughout the life of the customs agreement, if not longer. The IOMG will not go bust for the simple reason that it is not in the interest of the UK for it to happen. Any unpalatable strings will be dressed up as our own initiatives. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted November 29, 2023 Share Posted November 29, 2023 The unions want to add to deficit by demanding above inflation pay rises, meanwhile many are calling for cuts to public sector, I know which will be most popular with public! https://www.manxradio.com/news/isle-of-man-news/unions-call-for-early-negotiations-over-public-sector-pay/ 2 Quote Link to comment Share on other sites More sharing options...
Holte End Posted November 30, 2023 Share Posted November 30, 2023 (edited) Negotiations Officer for Prospect Mick Hewer added: "As far as I am concerned we would expect an above inflation award for all areas in which we have members - anything less effectively results in a pay cut." In real terms, mathematics is not his strong point then. Edited November 30, 2023 by Holte End 1 3 Quote Link to comment Share on other sites More sharing options...
Derek Flint Posted November 30, 2023 Share Posted November 30, 2023 Notts goes bust Quote Link to comment Share on other sites More sharing options...
Derek Flint Posted November 30, 2023 Share Posted November 30, 2023 18 hours ago, code99 said: Dr Allinson: "With £1.7 billion currently left in reserves - £900 million of which in the National Insurance fund – the available money that government has to spend is sitting at around £600 million". https://www.manxradio.com/news/isle-of-man-news/treasury-next-budget-needs-to-provide-long-term-stability/ https://www.manxradio.com/news/isle-of-man-news/budget-2023-what-do-you-need-to-know/ 17 hours ago, Banker said: So even more in reserves than I thought so no chance of going bust in foreseeable future, other crown dependencies would welcome our level of reserves to help them £600m is not a lot of money Quote Link to comment Share on other sites More sharing options...
Dirty Buggane Posted November 30, 2023 Share Posted November 30, 2023 (edited) Not in this shower's incompetents hands it ain't. Most likely will not cover the cost of prom super wall with unforseen costs and consultancy fee's. Edited November 30, 2023 by Dirty Buggane 2 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted November 30, 2023 Share Posted November 30, 2023 2 hours ago, Derek Flint said: £600m is not a lot of money Not at the rate we are chewing through it, certainly in respect of liabilities and cock-ups. 5 Quote Link to comment Share on other sites More sharing options...
littlebushy Posted November 30, 2023 Share Posted November 30, 2023 24 minutes ago, Non-Believer said: Not at the rate we are chewing through it, certainly in respect of liabilities and cock-ups. It's Okay because I have just completed the household survey. Told them I spent 10 billion pounds on online shopping in the UK each year. That's 2 billion pounds back to the IoM in VAT revenue. And then there is the Manx multiplier so spend it locally and that's nearer 4 bill. We are rich I tell ya 1 Quote Link to comment Share on other sites More sharing options...
code99 Posted November 30, 2023 Share Posted November 30, 2023 4 hours ago, Non-Believer said: Not at the rate we are chewing through it, certainly in respect of liabilities and cock-ups. We are "chewing through (kitty of liquid assets) it" at the rate of £150m pa. Although Chris Thomas has not been talking about this publicly since he was fired as the DOI Minister, his then estimate to fix the Airport was £300m, i.e., it would gobble up 50% of the £600m. Who knows, perhaps his/ the Airport Management’s/ the DOI’s preferred consulting firm(s)’ estimates are wrong…perhaps the actual figures are much (sky) higher? Just saying. If things continue as they are, then the ‘untouchable’ c£900m NI Fund could become very attractive source of additional funding for the IOMG - this type of ‘pragmatic’ policy would stave off for a considerable time a fiscal reckoning’. However, if the NI Fund (the reservoir for all future state pension payments) is diminished very much, I suspect that a lot of current and future IOM pensioners will become very unsettled. In his 2023 Budget Dr Allinson projected size of the Government’s annual cashflow deficits will substantially reduce over the next couple of years and all questions about fiscal sustainability will soon peter out. We will have to wait and see, for the good of the Island’s future I hope he is right, although, somehow, I have my doubts. Quote Link to comment Share on other sites More sharing options...
Banker Posted November 30, 2023 Share Posted November 30, 2023 26 minutes ago, code99 said: n his 2023 Budget Dr Allinson projected size of the Government’s annual cashflow deficits will substantially reduce over the next couple of years and all questions about fiscal sustainability will soon peter out. We will have to wait and see, for the good of the Island’s future I hope he is right, although, somehow, I have my doubts. Well when your taxes go up then deficits will reduce as income will cover outgoings , as long as we resist union demands for above inflation pay rises! Quote Link to comment Share on other sites More sharing options...
code99 Posted November 30, 2023 Share Posted November 30, 2023 2 minutes ago, Banker said: Well when your taxes go up then deficits will reduce as income will cover outgoings , as long as we resist union demands for above inflation pay rises! You mean our taxes? Don't you pay tax? I support Unions, it's the MHKs demands for pay rises I can't stand. Quote Link to comment Share on other sites More sharing options...
Banker Posted November 30, 2023 Share Posted November 30, 2023 6 minutes ago, code99 said: You mean our taxes? Don't you pay tax? I support Unions, it's the MHKs demands for pay rises I can't stand. So you support above inflation pay rises for all public sector paid for by our taxes? one minute you’re saying cut costs & then you’re saying increase them!, MHKs don’t demand pay rises, their salaries go up by whatever civil servants get so not involved, on your suggestion of giving unions what they want then MHKs will get large raises!, Quote Link to comment Share on other sites More sharing options...
code99 Posted November 30, 2023 Share Posted November 30, 2023 Just now, Banker said: So you support above inflation pay rises for all public sector paid for by our taxes? one minute you’re saying cut costs & then you’re saying increase them!, MHKs don’t demand pay rises, their salaries go up by whatever civil servants get so not involved, on your suggestion of giving unions what they want then MHKs will get large raises!, Just to be clear - I support "pay rises for all" No, not all! - only for frontline service providers including medical staff, teachers, etc etc. I beleive senior CS/PS salaries are ridiculously high, and there are too many of them. 3 2 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted November 30, 2023 Share Posted November 30, 2023 Personally, I believe that the usage and liabilities we are currently entertaining far outstrips any rises in tax that might be proposed in order to cover it, short of introducing a realistic level of corporate taxation, CGT and all the other IoM unspeakables. The current reserves draw of £150M per year will not be covered by hammering the little people any further and as there appears to be little appetite for cuts to the endlessly growing Govt machine (short of cuts to services to the public and there is a difference) then there is no pretty ending to this at the moment. Quote Link to comment Share on other sites More sharing options...
Jarndyce Posted November 30, 2023 Share Posted November 30, 2023 (edited) 43 minutes ago, Banker said: MHKs don’t demand pay rises, their salaries go up by whatever civil servants get so not involved, on your suggestion of giving unions what they want then MHKs will get large raises!, Doesn't look good for the politicos to vote themselves big pay rises - so it certainly explains why they have no interest in controlling senior CS salary increases! That pay linkage was a cunning - if self-serving - plan, right enough! (eta - presumably their salaries are linked to the Manx CS equivalent of the First Division in the UK, ie, the most senior CS?) Edited November 30, 2023 by Jarndyce eta 1 Quote Link to comment Share on other sites More sharing options...
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