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FATCA praise from UK Treasury, but local job concerns raised

A senior British politician says the Manx government has done the right thing in agreeing to share information on those who hold bank accounts here.

The UK's treasury minister, David Gauke, has welcomed the signing of FATCA - the Foreign Account Tax Compliance Act - by his Manx counterpart EddieTeare yesterday.

The deal means information on people using offshore bank accounts will be handed to the UK tax man automatically for the first time.

It's likely to net hundreds of millions of pounds in revenue for the UK.

But the outcome for local businesses is not clear.

Chief Minister Allan Bell says it's a vital move for the Island but admits it carries a risk customers - and Manx jobs - could be lost.

Mr Gauke told the BBC the Isle of Man is acting responsibly:

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