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UK Pre Budget Statement 3 December 2004 Treasury Minister Allan Bell MHK commented today on the UK Chancellor's Pre
Budget Statement, saying:
"My initial view is that the statement has little of direct relevance to the
Island, our revenue projections, or our ability to complete the taxation strategy by bringing in a zero percent
standard rate of corporate tax in 2006.
"The Chancellor has focussed his attention on improving childcare provision and
increasing participation within the workforce. This is something that we have
included within the Economic Strategy, recently endorsed by Tynwald, and so work
on developing policies in these areas is already underway.
"We always study the detail which accompanies the statement. There are changes
in respect of fuel duties and VAT to which we will need to pay particular
interest, and the proposed increase of 2.42 pence per litre on rebated fuels has
been reduced to 1 pence per litre. This increase is being applied from midnight
tonight. The previously announced increases on other road fuels such as petrol
are not now to be applied."
The effect of the various changes is estimated to have no material impact on the
Manx Retail Price Index. More stories >>>
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