Good morning and welcome to our live coverage of the Isle of Man’s Budget 2026.

Douglas Central MHK Chris Thomas will deliver his first Budget as Treasury Minister later this morning, with the key announcements expected during the course of the speech.

This year’s Budget comes against a backdrop of significant political upheaval.

Until last month it had been expected that Alex Allinson would present his fourth Budget. But on January 20, Chief Minister Alfred Cannan dismissed two members of his Council of Ministers, including Dr Allinson, saying they had diverged on policy matters and that businesses had ‘lost considerable confidence’ in government listening to their concerns on economic issues.

In an urgent statement to Tynwald, the Chief Minister promised a new direction.

A proposed 9.9% increase in the minimum wage was subsequently dropped and Tynwald instead approved a 5% rise, after warnings from parts of the business community about potential job losses and closures.

One of the headline measures expected today is a significant increase in income tax personal allowances, a move pledged by the Chief Minister as an alternative way to support those on low pay. Such a change would put more money into taxpayers’ pockets but would also come at a cost to the public finances.

Health spending is also likely to feature heavily once again.

The Chief Minister has previously described overspending by Manx Care as ‘destabilising’ the island’s finances, despite additional funding in recent years. Proposals for an NHS levy were dropped in September.

Today we expect to learn how further health funding, alongside any tax changes, will be financed and whether government will continue to draw on reserves.

It also remains to be seen how much impact the change of Treasury Minister will have on what is the final Budget before the next general election.

We will bring you the key announcements, reaction and analysis on our live blog below throughout the morning. Updates will begin from around 10am.