Statement from IoM Chamber re 2020 Budget | February 2020

Commenting on the budget, Isle of Man Chamber of Commerce said there were ‘no significant surprises’, but described it as ‘a progressive budget’ due to rises in tax allowance and benefits that are broadly in line with the cost of living.

Date: Wednesday 19 February 2020

Commenting on the budget, Isle of Man Chamber of Commerce said there were ‘no significant surprises’, but described it as ‘a progressive budget’ due to rises in tax allowance and benefits that are broadly in line with the cost of living.

A spokesperson for the Island’s biggest business network added: “It is very pleasing that the FERSA review has been concluded because this removes significant uncertainty from Government receipts. It also allows £44million to be released to general reserves, which is a positive move. Overall, a budget surplus points to a healthy economy because it shows that receipts are up, and the costs of unemployment benefit (and therefore unemployment) are lower than expected. It is noted that the budget is focussed on ensuring it is responsible, sustainable and inclusive; all aims which we welcome.

We welcome the £10million climate change emergency fund and the focus on allowing Government departments to bring forward initiatives. Chamber broadly supports Government’s long-term climate change aims and welcomes the provision made for this purpose in this budget.

Finally, Chamber is encouraged that the budget has been described as a ‘budget of focus, enterprise and opportunity’. In connection with this, we particularly welcome the continuation of the NI holiday scheme and the key employee tax concessions grants to assist with relocation of workers to the Island which remains a key priority to Chamber and its members operating in all sectors.”