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Spending from Manx government reserves hits £140m

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The amount of money drawn from government reserves peaked at £140.3m in 2013-14 - and for this year is estimated to be £91.1m.

Figures supplied in a written House of Keys answer by Treasury Minister Eddie Teare show the amount withdrawn from all reserves to support government spending was £57.5m in 2010-2011, £50.1m in 2011-2012, in £79.6m in 2012-2013 and £140.3m in 2013-14.

The estimate for 2015-2016 is £91.1m, he added in his reply to the question from Alfred Cannan (Michael).

Mr Teare said these amounts include expenses incurred from the reserve funds, transfers to departments, transfers to the capital account and transfers to the general revenue account but are net of any contributions that departments have made back into the reserve funds from their revenue budgets

In a written reply to a question from John Houghton (Douglas North), the Treasury Minister said it was estimated government would raise £6m by raising top rate tax by 1 per cent, £7.8m by increasing employees’ NI by the 1 per cent and £15.6m by increasing both employees’ and employers’ NI by that amount.


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