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More than £40m allocated to general reserves

Island confirms FERSA calculations with UK Government

More than £40million will be allocated to the Island's general reserves after the Isle of Man reached an agreement with the UK Government following a VAT survey.

Treasury Minister Alfred Cannan made the announcement during his annual budget speech at Tynwald this morning.

He confirmed the funds will be used for areas such as health and social care, as well as tackling climate change.

The move comes after the calculations from the Final Expenditure Revenue Sharing Agreement were confirmed:

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