Treasury minister delivers 5th budget

The Treasury minister Eddie Teare has begin his budget 2016 speech in Tynwald.

This is his fifth and final statement of the current parliament.  

Outlining his plans under the theme 'setting strong foundations for the future' Mr Teare said key objectives remained to continue growing the economy and restoring public finances.

He told the Court the Manx economy is among the fastest-growing in Europe, enjoying a 33rd year of unbroken growth.

But major challenges are still being faced. He said government had shrunk its workforce following the loss of VAT millions and a smaller, smarter government would be needed in future for the Island to live within its means.

He said the global banking crisis had led to a downturn in the Island sector.

Mr Teare went on to outline plans for the familiar mix of encouraging economic growth and fostering new enterprise, while keeping firm control of costs and spending. 

This is how he started his speech: