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Treasury Minister warns of challenges for capital account

Wed, 19 Jun 2013

The Treasury Minister has confirmed that between £50 and £60 million is needed per year for capital spending.

Eddie Teare was responding to a question in Tynwald yesterday from Michael MHK Alf Cannan.

He wanted to know how government plans to replenish the capital account after 2015 – saying more clarification is needed.

Mr Teare says it will depend on what is needed in terms of spending but a higher revenue transfer would start when the Treasury could afford it – in three years time.

He says we are facing challenges ahead:

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• Eddie Teare