Treasury Minister Eddie Teare MHK has welcomed a half-year financial report confirming that Government remains on track with its budget rebalancing programme despite challenging targets for Departments.

The report covers the six months ending September 30, the first half of the 2012-13 financial year. It indicates that Government’s income and expenditure are broadly in line with the Budget for the year.

Minister Teare commented: ‘The report for the first half of the current financial year provides a reassuring message that Government is still on course with its budget rebalancing. This reflects well on the quality of Treasury’s estimates and forecasts, but also on the Departments who are working hard to meet tough financial targets.’

The report which has been circulated this week contains extracts from a fuller document which will be laid before the November sitting of Tynwald.