Challenges ahead for capital fund says Treasury Minister

The Treasury Minister has confirmed that between £50 and £60 million is needed per year for capital spending.

Eddie Teare was responding to a question in Tynwald yesterday from Michael MHK Alf Cannan.

He wanted to know how government plans to replenish the capital account after 2015 – saying more clarification is needed.

Mr Teare says it will depend on what is needed in terms of spending but a higher revenue transfer would start when the Treasury could afford it – in three years time.

He says we are facing challenges ahead:

(PLAY AUDIO ABOVE)