MHK's concern over depletion of government reserves

Mr Cannan asked for details concerning the reserve balance in this months sitting of Tynwald; Treasury Minister Teare told him that the existing figure of just under £400 million will be reduced to £188.8 million by next March.

The major reduction is down to the purchase of pinewood shares, a proposed allocation of funds to the Depositors Compensation Scheme and a transfer of funds to the revenue account.

Mr Cannan has already stated that he is opposed to the Pinewood deal, and says he will need to see a convincing argument as to why such a Depositors Compensation Scheme Fund is needed when there are already safeguards in place.

He concluded his statement by saying he hopes Government can refocus on what should be the three core planks of central policy; financial sobriety, scope and structure and economic growth.