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Treasury comments on UK Budget statement 22 March 2007

Treasury Minister, Allan Bell Milk, today commented on the UK Chancellor's Budget Statement, as follows:

“The largest potential impact on the Isle of Man could be the rise in the Upper Earnings Limit for National Insurance Contributions, which will come into effect in the UK from April 2008. We will need to determine whether this increase is covered by the Reciprocal Arrangement on National Insurance, which would result in its automatic introduction here, and if this proves to be the case, it will generate several million pounds of potential additional income from 2008-09, which will need to be fed into our future budget calculations.”
“The Chancellor has increased duty on Beer, Cider, and Cigarettes in line with inflation, but there is no increase in duty on Spirits, and a deferred increase in Fuel Duty, to come in from October 2007. These were broadly in line with my projections for 2007-8, announced yesterday.”

Mr Bell concluded

“We always study the detail which accompanies the Chancellor’s statement. There are announcements in respect of film and offshore funds, to which we will pay particular attention.”

The effect of the various changes is estimated to have no material impact on the Manx Retail Price Index.

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