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E-gaming is a sector we can be proud of, says Quayle

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18 minutes ago, Chris Thomas said:

Last year the external reserves increased in value by £65 million. Why do you think that direction will be reversed, especially as Government policy has been to reduce the use of investment income by reducing the structural financial deficit for at least three budgets?

That didn't answer the question Chris. But with your post above, are you then prepared to state that there will be no drawdown from reserves in the 2020 Budget?

Edited by Non-Believer
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11 minutes ago, Chris Thomas said:

We don’t.

There is an actuarial liability in respect of the unfunded public sector pensions. But the cash flow position is now managed properly with increased contributions, reduced benefits and cost sharing to keep the scheme inside an agreed cost envelope. 

Substantial and growing NI fund provides bedrock for social security and state pensions.

Really,  gets popcorn out.

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Well. We have to find something like an extra £30-35 million each year from somewhere to pay public sector pensions when the public sector pension reserve runs out in 3 years or so. That is a fixed liability. Either we grow the economy to raise the extra in revenue, or we take it from reserves, or a combination of both. Chris tells us that last year the external reserves increased in value by £65 million. If that continues, happy days. If not, it's problematic.

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12 minutes ago, Non-Believer said:

That didn't answer the question Chris. But with your post above, are you then prepared to state that there will be no drawdown from reserves in the 2020 Budget?

Some of the reserves will be drawn down, the investment income from some others will be used for revenue expenditure and some reserves will increase in value. The Treasury Minister will unveil Government’s budget in February Tynwald. 

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7 hours ago, Chris Thomas said:

Some of the reserves will be drawn down, the investment income from some others will be used for revenue expenditure and some reserves will increase in value. The Treasury Minister will unveil Government’s budget in February Tynwald. 

Thank you for your clarification Chris.

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So Malta isn't taking all the e-gaming sector then?

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4 hours ago, Lxxx said:

So Malta isn't taking all the e-gaming sector then?

Malta is certainly a competitor in the field but IOM still has a good, or probably better, reputation, especially with all the bad stuff that happened in Malta recently. Many EU facing firms prefer it for obvious reasons.

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I wonder what effect the start of the clamp down on e-gambling by HMG that comes into force on the 14th of April this year will have.  I note that the financial sector in the UK is being drawn in.  Could be (should be) the start of something big.

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You mean to ban gambling with credit cards? A long overdue move really. Bookmakers aren't allowed to give credit usually, so why allow credit by proxy? Seeing payment methods banned is nothing unusual. Quite a few banks and whole regions already ban the use of certain cards or methods. In any case, this is good for Bitcoin.

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Ban bitcoin...

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22 minutes ago, Neil Down said:

Ban bitcoin...

Why?

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1 minute ago, MrPB said:

You can’t. I know so many bitcoin self proclaimed millionaires who would be extremely disappointed to learn that their theoretical millionaireship was all just piss and wind. 

Isn't a lot of wealth just piss and wind. Trillions of digits of various denominations increase and decrease by the nano second, Bitcoin is just the latest in a long line of them.

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47 minutes ago, Neil Down said:

Ban bitcoin...

Good luck with that

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On 1/12/2020 at 6:50 PM, Non-Believer said:

I think that IoMG currently have all their eggs in the (a) above option.

The snag is, they don't have a clue what it is or where it's coming from.

Doesn’t bode well for fishing or agriculture either

https://www.dailymail.co.uk/news/article-7885399/Boris-Johnson-says-epically-likely-UK-trade-deal-EU-December.html

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