Positive Action Group - Possan Jantys Jarrooagh

Open, accountable government, rigorous control of public finances, and a fairer society for all.

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IoM Budget - A Bluffers Guide by Juan Watterson M H K

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Latest P A G Public Meeting

"IoM  Budget - A Bluffer's Guide"

a presentation by

Juan Watterson MHK

7.30 p.m. Monday 31st January 2011 at the Manx Legion Club, Market Hill, Douglas


Juan Watterson MHK

The Budget affects us all and this year's I O M Budget is the most important for years. It is the culmination of a process which started last May

In his presentation Juan Watterson M H K will explain where our money comes from and goes to, as well as the Budget process, and advise how we can interpret the information when it's made public in February.

He will also analyse the measures the Government has taken, in the past year, to adapt to a worsening economic position - where have cuts been made?

Juan Watterson, a Chartered Accountant, has been critical of the lack of public consultation when preparing the Budget and has proposed reform of the process.

Attachments:
FileFile sizeDownloads
Download this file (JW presentation 31_01_11.pdf)Bluffers Guide to the IoM Budget Process492 Kb1901
Download this file (2011-01 Personal allowance credit paper final.pdf)2011-01 Personal allowance credit paper612 Kb1562
 

Comments   

 
0 #5 U K Budget 2011 - Reply to MossesGuest 2011-02-06 17:20
The post was to illustrate a consultative phase within the budget process in the U K, which is lacking here.

Listen again to Juan Watterson's presenation (until 13/2/11) here:-

http://www.manxradio.com/audiovault/Opinion.wma

(Manx Radio 'Sunday Opinion' 6/2/11)
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0 #4 RE: IoM Budget - A Bluffers Guide by Juan Watterson M H KGuest 2011-02-05 12:13
Thanks zephor for info on UK. Were you unable to clarify the IoM process or is there something lacking that needs to be given attention by Tynwald?
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0 #3 2011 U K BudgetGuest 2011-02-04 20:56
The U K Chancellor has invited suggestions from businesses and individuals ahead of the 2011 Budget, which will be held on 23 March.

Proposals will be sent directly to the Treasury's Budget Team.

A similar exercise before last year's Spending Review generated 100,000 responses.
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0 #2 RE: IoM Budget - A Bluffers Guide by Juan Watterson M H KGuest 2011-02-04 10:44
The above “fiscal readjustment programme” strategy over five years implies that the UK and IoM systems of government have agreed on a policy. I would like to know the mechanism by which the policy was decided?
I found the "IoM Budget - A Bluffer's Guide" to be true to bluffing by baffling us with accountancy that leaves even the experts confused. There is no point in getting the budget sooner or debating it because the 5-year strategy is in place. The likely hood of a budget working out in practice, in its entirety, is slim. The affect may not always be known and the economic climate will change that may require an immediate response from government. We don’t need an accountant complaining it is not in the budget!
Spend where it is necessary and recover the costs from those who make the most profit or avoid taxes.
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0 #1 2010 BUDGET - "first stage of 5 year programme.."Guest 2011-01-27 10:06
In a keynote speech (25,01.11) Chief Minister Brown referred to the measures taken following last years Budget
Here's the specific extracts from that speech:-

"I can confirm that our fiscal readjustment programme is going ahead in line with the five-year strategy we set out in the Budget approved by Tynwald last February.

"That 2010 budget was the first instalment of a five year programme of change, and the budget being presented to Tynwald next month by the Treasury Minister will be the second stage.

"You may find it helpful if I review some of the measures that government has taken so far as part of our programme:

"The Budget delivered to Tynwald in February 2010 reduced government’s overall net revenue spending by 6.5 per cent or £37.1 million.

"Government increased the higher rate of personal income tax from 18 per cent to 20 per cent, and we implemented a 1 per cent increase in employee National Insurance contributions; we transferred £15 million from Reserves as part of our readjustment programme to help transverse through the change, and minimise the impact of the loss of some £70m worth of the income to government, due to the change in our VAT receipts.

"However, at the same time we increased the Personal Allowance Credit for the less well off in our community, by 18 per cent, and the income tax personal allowance was increased by 1 per cent.

"Also announced during the 2010 budget was a freeze on staff salary budgets and, the loss of nearly 100 Government posts through non-replacement of vacancies, this being achieved through a new assessment process that the Council of Ministers introduced.

"I announced that departments were required to seek to make a 10 per cent reduction in staff costs – resulting in a £30m saving if achieved, and this work is ongoing.

"Also a notable aspect of the planned response agreed in last year's Budget was the provision of a substantially reduced, but still effective capital spending programme, totalling £96 million".
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