Listening to our new Treasury Minister deliver his inaugural budget, I couldn’t help but be a little disarmed by his delivery and candour when it comes to the scale of the longer-term funding issues we face - we all know there is no silver bullet.
Meanwhile some of the perennial budgetary issues will be glad of a fresh pair of eyes, and what appears to be a genuine desire for a more holistic approach to government through the Island Plan.
Looking at the detail, I didn’t spot any huge surprises.
The Treasury Minister spoke of inflation at length or as he referred to it - ’the wrecker of all things.’
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Working in the investment management industry, this rang loudly in my ears as it’s a key message in our conversations with investors.
off course
All budgetary planning could be blown way off course by something which there is little way to control.
The continued prudent use of our reserves is and will be crucial.
Amongst the usual raft of items that sometimes capture the public’s attention is a total of £42m committed toward climate change.
There is also a five-year capital investment programme of £485m, which includes financing a dedicated Sexual Assault Referral Centre, funding for the continued roll-out of the fibre optic network, completion of the Balthane Gateway, an upgrade to King Edward Pier and improvements to facilities at the Sea Terminal and Ronaldsway Airport.
One observation, or perhaps rhetorical question from the Treasury Minister during the budget breakfast event I attended, I think summed our island up nicely.
On ways in which to articulate the island’s attraction to a health care worker thinking of making their home here, he simply stated ’where would you rather be on a Saturday night, at A&E in Douglas or A&E in Birmingham?!’
management
The same could be said of investment management.
Here at Canaccord Genuity Wealth Management, our locally-based team of professionals are delighted to be here serving our resident community, albeit drawing on the firm’s global expertise to help our clients navigate their way through these post-pandemic and inflationary times.