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At least we have now reached the position where reserves will be invested in future development

But it's at a heavy cost

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2 minutes ago, Donald Trumps said:

At least we have now reached the position where reserves will be invested in future development

But it's at a heavy cost

Evidence please, DT?

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1 hour ago, woolley said:

Right, so a civil service grab of all the local authorities. Fantastic. You want to pay twice as much for everything?

I'm already paying twice for everything. Each little LA Empire has it's own admin set up.

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8 minutes ago, Donald Trumps said:

Evidence of what?

That reserves will be invested in future development?

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Posted (edited)
6 minutes ago, Non-Believer said:

That reserves will be invested in future development?

A fund is to be set up by Treasury to provide investment support

The 'Strategic Investment Fund'

If it's just used to provide cash flow for chums in the Chamber of Commerce then of course it would be nothing of the sort

That's why there has to be Tynwald oversight 

Edited by Donald Trumps
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1 hour ago, Cambon said:

What needs to happen is an emergency budget every month while this continues. For each month, claw back 1/12th of each departments budget except for those actually working through this, such as health. All unnecessary internal reserves recalled. All unnecessary spending cancelled. That would be a couple of hundred million without breaking a sweat. 

As for climate change, fuck it! If we are not here to enjoy it, what is the point? 

That's simply the best idea ever!

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38 minutes ago, asitis said:

Au Contraire, those of us in the South voted our muppets in knowing they'd be shit, just fractionally less shit than those we wanted to keep out ! such is life !

It is as it is :-)

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13 minutes ago, Donald Trumps said:

A fund is to be set up by Treasury to provide investment support

The 'Strategic Investment Fund'

If it's just used to provide cash flow for chums in the Chamber of Commerce then of course it would be nothing of the sort

That's why there has to be Tynwald oversight 

A bit like the Media Development Fund...?

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Posted (edited)
1 hour ago, Donald Trumps said:

You have it all there Woolley

Just imagine, we are previously assured that government reserves were in a healthy state

That was bollocks

"Bollocks" is a bit rude but I understand where you are coming from.

In 2010 IOM Government Total Funds and Reserves was £3bn, in 2019 this had fallen to negative £58m. In fact, if you had thought the NI was ring-fenced, then the other funds and reserves, ie the available ones, would have been negative £972m.

This does sound alarming and, indeed, the direction of travel is not optimal. However, much but not all,  of the reduction is due to the effect on Pension Scheme Liability calculations of low-interest rates. An optimistic person might have thought this would rectify itself, a bit, in time.

Now we have CV, interest rates further down and investment values also falling, I suspect now is not a good time to look at the overall effect on the Government's Balance Sheet.  I expect and hope that the interest rate and investment valuation positions will correct themselves but how long this may take is anyone's guess.

image.png.4c1f337272dfeac21a289b53090070f4.png

I don't want to be too alarmist so I suggest that all of the above is a hint that there will need to be some tidying up after the CV episode. In the short-term it is cash that counts and, at Mar 19 the Government had about £400m in cash and deposits and £1.3bn in investments. I suggest that means there is more than enough breathing-space for a slight change of direction. For now, I can see that the priority is keeping the economy going while the crisis persists and hence the use of NI funds.

 

 

Edited by Phillip Dearden
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Ah, that wasn't our money . . . . 

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1 minute ago, Phillip Dearden said:

"Bollocks" is a bit rude but I understand where you are coming from.

In 2010 IOM Government Total Funds and Reserves was £3bn, in 2019 this had fallen to negative £58m. In fact, if you had thought the NI was ring-fenced, then the other funds and reserves, ie the available ones, would have been negative £972m.

This does sound alarming and, indeed, the direction of travel is not optimal. However, much but not all,  of the reduction is due to the effect on Pension Scheme Liability calculations of low-interest rates. An optimistic person might have thought this would rectify itself, a bit, in time.

Now we have CV, interest rates further down and investment values also falling, I suspect now is not a good time to look at the overall effect on the Government's Balance Sheet.  I expect and hope that the interest rate and investment valuation positions will correct themselves but how long this may take is anyone's guess.

image.png.4c1f337272dfeac21a289b53090070f4.png

I don't want to be too alarmist so I suggest that all of the above is a hint that there will need to be some tidying up after the CV episode. In the short-term it is cash that counts and, at Mar 19 the Government had about £400m in cash and deposits and £1.3trn in investments. I suggest that means there is more than enough breathing-space for a slight change of direction. For now, I can see that the priority is keeping the economy going while the crisis persists and hence the use of NI funds.

 

 

I wish they had £1.3 trn in investments

Wonder what they're worth this week?

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1 hour ago, Phillip Dearden said:

The ring-fence was a mere psychological barrier. The NI fund was always available to Tynwald - they make the rules. I am sure all MHKs would prefer to leave the NI fund alone but if the money is needed and not used, we (or some of us) would have been critical.

Really, the NI fund is just another pot of government money. Using it now will put pressure on future cash flows but I suspect most people will recognise the current environment as being quite exceptional.

 

It's called running out of options.

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38 minutes ago, On The Bus said:

I'm already paying twice for everything. Each little LA Empire has it's own admin set up.

Yes. But give it to the civil service and watch those little empires GROW BIG!

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