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Reports suggest VAT reduction will be over £70 million

The sitting of Tynwald on Tuesday will see the all-important announcement from Treasury Minister Anne Craine, regarding the latest development with the VAT sharing agreement with the UK.

In the build up to the announcement there have been rumours circulating as to the extent of the new reduction, however today there are reports that it will be in the region of £70 million.

As it stands the Government had to deal with £68 million cut from last years budget, and £114 million for each year after.

The UK Government initially revised the sharing agreement back in 2009 to claw back much-needed funds to the help bolster their struggling economy.

Official government sources have distanced themselves from the reports saying the official announcement will come in the sitting.




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