Government accounts show surprise £9.6m surplus

The figures would appear to act as an endorsement of the austerity measures taken by Government since the first major hit to their annual budgets.

It shows an increase in the General Revenue Account balance of £9.6 million, Treasury Minister Eddie Teare credits the cut backs in Government spending with the positive outcome.

The accounts show capital spending projects accounted for £73 million in outgoings, this is an area however that Minister Teare does not want to see greatly affected by the economic downturn as the projects provide much needed opportunities for other aspects of industry on the Island.

Minister Teare spoke to 3FM about the tough times ahead, saying there will have to be a lot of unpopular decisions made, but ultimately he is confident the Island will continue to weather the storm.

(AUDIO ABOVE)