Teare fears £1.3m hit to treasury

Eddie Teare said it’s clear that the Isle of Man and the UK will continue to face tight financial times for the foreseeable future.

He said the British government’s 3p rise in fuel duty, which was set for January, has now been delayed till August – and the additional 2p increase for due for then has now been scrapped.

This is set to cost the treasury £1.3m next year – not good new for a department trying to rebalance its finances.

The minister concluded that any long-term changes to the UK’s state pension, and the merging of tax and national insurance, could impact the island and he’ll be studying theses details with his officers in due course.