Chief executive of the Isle of Man Chamber of Commerce Mike Hennessey says the position facing the Island over the reduced VAT revenue should be viewed as an opportunity.
With £90 million pounds being slashed from Manx government coffers in the next financial year, and £140 million annually after that, huge savings are required.
The situation is so serious Treasury Minister Allan Bell has told the Manx public to lower their expectations in relation to what government can deliver.
Mr Hennessey agrees, but says the Island is resourceful and can move forward:
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