Alfred Cannan’s aim was to embrace the whole island community behind his first Budget - and that very much includes the business community.

The 48-year-old father of three and MHK for Ayre and Michael looked confident and determined as he addressed 230 business people at the annual Budget Breakfast.

Less than 24 hours before the Treasury Minister had been stood delivering his first Budget in Tynwald.

Now at 8am he was speaking at the Palace Hotel, Douglas in an event organised by the IOM Business Network, and outlining his vision of an inclusive and caring society.

Speaking to Business News minutes after his well-received address Mr Cannan seemed pleased he had got his message across.

Asked how he felt after delivering his first Budget he said: ’Well this is laying the foundations and rather like the programme for government the Budget becomes a sort of living document really that needs to be adjusted and refocused from year to year.

’So we have tried to align the Budget with the overall objectives of the programme for government, and absolutely what we are trying to do is put the needs of society first and put those (needs) around the Budget rather than putting the Budget around society.’

He said it was a case of: ’What we need to do, rather than perhaps what government wants to do.

’We are going to build, and are trying to build, a brighter economic future for our residents and citizens and ease some of the pressures that have been brought into play in recent years and start laying the foundations for five years of positive economic growth where wealth and the GDP figures start to trickle their way down a bit more effectively.’

Mr Cannan said he was very pleased with the make up of the Council of Ministers and happy with the way Tynwald was ’generally going.’

Asked if he thought he had the business community on his side he said: ’I think there are so many positive economic signs coming through from the business sector including the number of people in employment, the extra amounts coming through in income tax, VAT and national insurance, that there has to be a positive story out there. I think the business community has a lot of opportunity, the island has a lot of opportunity and it’s absolutely clear that government will have a very close relationship.

’I would hope that by being transparent in this Budget, delivering the messages, that we all have clarity around what government’s got to do and it will be imperative that the business community is onside with government over the next five years.’

Business News then asked Mr Cannan about the increase in the tax cap for high net worth individuals.

He said: ’Increasing anybody’s tax level is never going to be universally welcomed. But I think it was morally, socially and financially justifiable. And I think we remain absolutely committed to the policy of the tax cap. I think the general evidence we have is that it is very beneficial for the Isle of Man.

’I know that some of the tax cappers I have spoken to have some serious investment plans in the island over the coming years and those are absolutely to be welcomed.

’We will embrace opportunities that are presented in that way but it was right that the tax cap was raised to the level that it is at.’

Asked if he has a lot of contact with high net worth individuals he told Business News: ’I have contact with all sorts of people in all sorts of areas.

’It would be a bit strange if the Treasury Minister wasn’t paying attention and listening to and talking to those who were coming to the island or on the island and looking to invest significant sums of money.

’So whether that’s businesses, high net worths, but clearly by the same token, you are in the village hall talking to your local community (and) the residents’ understanding of how life is affecting them.’

Mr Cannan said he hoped he and the government were laying new foundations.

’I think we have tried to adopt a common sense approach. Many of the pressures remain on public finances and certainly this will not be a tax and spend government. This is a government that is focused on bringing added value and efficiencies to public services and a government committed to putting in place a plan for sustainable finances.’

Talking about businesses Mr Cannan said one of the suiccess stories of the last few years has been the way the professional, financial services industry had held up.

’People were sounding the death knell for that industry eight, nine years ago. In actual fact it is holding up remarkably well.’

And Mr Cannan said it was vital they keep pushing for diversification in the island.

’Our diversified economy is holding up extremely well.’

IOM Business Network chairman Rachael Hooper thanked Mr Cannan for coming along and speaking to the Budget Breakfast which once again had been a sell-out event.