Government forecasts £2.86m surplus

The Government is forecasting a £2.86m surplus for the 2017-18 financial year.

The Treasury estimates the total income will be £964m over the next 12 months - a 4.8% rise compare with the 2016-17 period.

Gross spending will be up by £17m, or 1.65%, with Government services costing around £2.8m per day.

£3m will be put aside as a contingency fund should unexpected costs arise.

Customs and excise will provide 35% of the Island's income, while income tax and other taxes make up over 20%.

Treasury Minister Alfred Cannan has been setting out his budget in Tynwald this morning.