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Treasury Minister responds to UK Budget announcement 20 March 2013

TREASURY Minister Eddie Teare MHK gave his initial feedback on the UK Budget today (Wednesday, March 20), one that had a number of implications for the Isle of Man.

The Minister said:

‘No doubt motorists and beer drinkers will welcome the abolition of the planned September fuel duty increase, and the 1p cut in beer duty. The cost of both these changes will reduce Isle of Man Government income by around £900,000 in 2013-14, compared with the budget estimate.’

The Minister welcomed the focus on economic growth from the Island’s largest trading partner.

He commented:

‘We need a successful UK economy and the steps they are taking to simplify and lower corporate taxation, encourage small business and encourage the use of investment markets either offer opportunities for Island business or reflect changes we have already made.’

The Minister finished by noting some of the major UK policy developments that could impact on our own work.

He said:

‘The Chancellor announced changes to State Pension arrangements, and new support for home buyers, that we will need to factor into our review of Reciprocal Social Security arrangements, and the housing review. It is important that we consider the impact of UK proposals carefully and do not jump to conclusions as to the benefits or otherwise at this stage of what can be far reaching proposals.’

The Minister also noted that, as usual, he and his Treasury colleagues and staff would be working through details of the UK Budget in the next few weeks.

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