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Manx economy in 'better position' than UK, says Treasury

It comes after the Office for National Statistics show the UK entered a technical recession

Treasury claims the Isle of Man is in a ‘better position’ than its offshore counterparts, as new figures show the UK has entered a technical recession.

GDP there contracted in the final three months of the year by 0.3 percent - but some economists are warning the label is 'overly dramatic'.

A recession means there's less money circulating and finding work or getting a mortgage approved could prove more challenging.

Speaking live on Manx Radio Breakfast, Minister Dr Alex Allinson acknowledged financial pressures facing the Island, but doesn't believe the news will affect his upcoming budget:

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