Government welcomes approval of Budget
The Council of Ministers welcomes today’s decision by the States Assembly to approve the Budget.
The measures approved today will enable the Government to deliver on its priorities for Islanders, and include:
- funding for £20 million of essential support to Island-wide businesses, as we transition to a Living Wage
- funding for construction of the new Acute Hospital at Overdale to begin in Spring 2025
- a pragmatic funding strategy for new healthcare facilities that does not put a heavy burden on future generations
- £31 million additional spending on health
- freezes on duties on alcohol and fuel for 2025; a decision that will support local businesses and their customers
- increases to tax thresholds of £700 for individuals and £1,150 for married couples
- increases of £150 to the child tax allowance, £250 to childcare tax relief and £700 in higher childcare tax relief
- investment in frontline services and staff
- keeping Government fees and charges as low as possible – and keeping more money in Islanders’ pockets
The Budget also delivers savings and right-sizes the capital programme to an achievable level while reducing consultancy spending.
The Chief Minister, Deputy Lyndon Farnham said: “I am pleased States members have approved this budget, which will curb growth in expenditure and reprioritise spending to focus on essential services, healthcare, housing and assisting Islanders with cost-of-living pressures. It also begins to replenish the Island’s strategic reserve.”
The Minister for Treasury and Resources, Deputy Elaine Millar, said: “I am grateful to States members for approving the budget, which will allow us to deliver on the Government’s ambitions over the next two years.
“It also lays the groundwork for additional measures to strengthen our long-term financial stability and curtail the growth in day-to-day spending.”
