Revealed: The VAT bombshell

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The Isle of Man Examiner has revealed the amount of money the UK is going to take from the island in its second raid on the VAT sharing agreement.

The figure is higher than one that had been widely rumoured.

It means that in the long-term the government is going to have to find new ways to raise revenue, make savage cuts to spending - or both.

The Examiner’s revelation comes a day before the official announcement from Treasury Minister Anne Craine MHK.

All the details are in this week’s Isle of Man Examiner, on sale from this afternoon.

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