Douglas Central MHK Chris Thomas was due today (Tuesday) to deliver his first Budget as Treasury Minister.

His Budget speech takes place against a background of unprecedented political drama.

Until a month ago, it would have been Dr Alex Allinson who had been due to deliver this year’s Budget, his fourth as Treasury Minister.

But on January 20, Chief Minister Alfred Cannan sacked two members of his cabinet including Dr Allinson.

Mr Cannan said they had diverged on policy matters - and that businesses had ‘lost considerable confidence’ in government to listen to their concerns on economic matters.

Subsequently, in an urgent statement in Tynwald, he promised a new direction for government.

The proposed 9.9% hike in the minimum wage - a move business had warned would lead to firms cutting jobs, reducing staff hours or even closing down - was ditched and Tynwald approved instead an increase of 5%.

And in what is likely to be one of the headline announcements in this week’s Budget, Mr Cannan pledged that income tax personal allowances will be significantly increased.

While this was promoted as an alternative way to help those on low pay, it’s a measure that will actually put more money in every taxpayer’s pocket.

But it will come at a considerable cost to the Exchequer.

Health funding is also likely to feature heavily in the Budget again this year.

Mr Cannan has previously warned Manx Care’s overspending is ‘destabilising’ public finances - repeatedly going into the red despite receiving an extra £43.8m in 2024 and £25m more last year.

Proposals for an NHS levy were ditched in September.

We will find out today how further health funding and any tax give-away will be financed - and if government will continue to rely on drawing down reserves.

It remains to be seen how much the change of Minister will make a mark on this year’s Budget, the last before the general election.