Treasury Minister Eddie Teare has been accused of hiding a ?100million financial problem by Michael MHK Alf Cannan.

Responding to the Budget unveiled in Tynwald today, Mr Cannan said the public was being misled over the rebalancing of public finances. He said reserve spending is projected to reach ?77million next year, a decrease of only ?5million since 2011 when the Government used ?82million to support its spending.

Mr Cannan said: 'Rebalancing is a myth and the failure to present and adhere to a national plan is reflected today in the Reserve spending of ?77m next year and the fact that we have managed to slow that by only ?5m in the last four years. That is very poor.

'The reality of the situation is that Government has a ?100m financial problem.'

Mr Cannan is calling for a 'tangible plan' to address the issues and clear growth targets for ICT, e-commerce, financial services and manufacturing.

Watch the MTTV interview with Eddie Teare at
http://www.manx.net/tv/mt-tv/watch/70270/major-change-proposed-for-income-tax

See the full Budget briefing press conference at
http://www.manx.net/tv/mt-tv/watch/70268/2015-manx-budget