IOM Government to implement many aspects of yesterday's Autumn Statement

Treasury Minister Dr Alex Allinson has been highlighting exactly where government will follow Westminster's lead off the back of yesterday's Autumn Statement.

We're set to mirror the UK's approach to the pensions triple lock, with the state pension set to increase by 8.5%.

Measures were introduced immediately to increase duty rates for tobacco products, with the changes introduced yesterday evening, alcohol duty will remain frozen until at least August 2024.

With regards VAT, the major reduction called for in the hospitality trade didn't materialise, but changes to VAT applied to the installation of energy saving materials, and the extension of the zero rate of VAT applied to women's sanitary products will be echoed on Island.

The changes to National Insurance paid by the self employed need to be considered on Island, in light of the Social Security agreement the Island has with the UK.