Government to lose £900,000 from UK budget

The Manx Government will lose around £900,000 as a direct result of the UK Budget.

That’s according to the Treasury Minister who says his department is carefully analysing the details of the budget which was released earlier this week.

Eddie Teare says it already has a number of implications for the Island – notably the abolition of the planned September fuel duty and the cut in beer duty, both of which will reduce government’s income.

Policy developments including changes to state pension arrangements and support for home buyers could also affect our economy.

However the minister says there is money in the pot to react to things if needed:

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