The Budget was announced last week by Treasury Minister Alf Cannan MHK.

Taxpayers will be on average £200 a year better off after the largest ever single rise in the personal allowance and the first rise in child benefit payments for seven years.

Pensioners are also to receive an increase of £3 per week.

But it was not all good news. Tax relief on mortgage and loan interest is being cut.

Mr Cannan also said that the very wealthy would start paying more tax.

We asked people in Strand Street what they thought about the budget.

Stephen Grundy, aged 33, and Alyssa Brew, aged 21, from Port St Mary

Alyssa said: ’I don’t really follow it - it’s just something that I’ve not really looked into. The increase will be handy. I heard about the increase in personal allowance. It’s a definitely a good thing, every little helps. With regards to the mortgages, something has to go up for everything we’re getting and all the positives that are happening.’

Stephen said: ’The one thing I did hear was that they were going to increase the income for families. The mortgage increase is bad. It’s difficult to get on the ladder anyway so if it goes up a bit more it’s not really much of a difference.’

Bryn Mayhew, aged 56, from Kirk Michael

’I did follow it a bit, yes. It seems to be a bit more confident than the last few we’ve had when it’s been doom and gloom.

’I think taking the money off the mortgage relief was a bit mean but it’s nice to see that the tax allowance is matching the UK now. That should have gone up last year. It’s always amazed me that they do the Isle of Man budget before they do the UK budget when the time to do it is after the UK budget, then they can respond to it.

’It’s the first time in a long time they’ve put anything on the child benefit. Pensioners I think should be looked after more.

’On the whole it’s a more confident budget than we’ve had for the last few years.’

Vicky Lennox, aged 33, from Castletown

’Sometimes I follow it, it depends if something pops up, but nine times out of ten I just go to work and come home.

’The tax allowance increase is good. When budgets come out you just learn to adjust. The increase for pensioners is good, I think it should be a bit more. With regards to the mortgage increase it is hard, at least they are trying. Any benefits are great, it’s better than none.

’I think it is a bit wrong you get penalised for having a lot of money, especially if they have worked for it.’

Tony Curtis, aged 58,

from Ramsey

’I don’t follow it as closely as I should. It was on while I was at work so I didn’t get chance to sit and listen to it unfortunately.

’The tax allowance increase is good, surprising I will admit. I didn’t expect it to go up as much as it did considering everybody is claiming that we’re broke.

’With regards to child benefit, anything going up has got to be good, it doesn’t affect me. Pensioners getting £3 per week more doesn’t sound a lot but I suppose as a percentage it’s pretty reasonable.

’As I’m not one of the rich I’ll agree with the rich paying more tax.

’I don’t have a mortgage but I suppose if you’re buying a house you’ve got to pay for it.’

Bernard Aspell, aged 27, from Onchan, and Rachael Moore, aged 25, from Braddan but now living in Manchester

Bernard said: ’I didn’t particularly follow it. It hasn’t really been publicised to me, on Facebook or anything.

’I guess it’s good that you get more money, but tax is taken to improve areas of the Isle of Man, I’d prefer they keep it but use it. It’s definitely better they’ve increased child benefit and money for pensioners.

’I don’t particularly think it’s fair they tax the rich more. I used to work in a bank and people would come over here for the tax and I guess if they earn it they deserve to keep it but I understand why, because they’ve got the most money so they put back into the community.

’Mortgages would definitely worry me as I haven’t got a house, so if they’re more expensive then obviously there is less chance of getting one.

’I know a few friends who have got houses on the first time buyers list with mortgages and they seem to be OK, but if they’re going up obviously it’s going to be more difficult to get one.’