Karran: Good governance and confidence key to success

Wednesday, 26 October 2011 01:00

Education Minister Peter Karran has told 3FM that the Isle of Man could end up in a mass-recession if it doesn\'t learn to be more self-reliant in the wake of the VAT shake-up.

Peter Karran has warned the Isle of Man could end up in a mass recession if it does not learn to be more reliant on itself.

The Education Minister said that in 10 years the Island could end up like Greece if fundamental issues of good governance are not addressed.

Speaking to 3FM today, Mr Karran said that balance and confidence were vital if the current government was to guide the Island out of rocky economic times.

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