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New MHK assesses economic situation

The MHK for Michael believes the Isle of Man is well placed for the future, despite the current economic difficulties.

Alf Cannan says while a significant collapse in the value of sterling, or a large rise in inflation in the United Kingdom, could be damaging to the Island, it has weapons at its disposal.

They include the speed with which new legislation can be created and the beneficial tax system, both of which he feels should be used 'to stay ahead of the game'.

Mr Cannan says he is well aware of the dangers and pressures to which the Island is susceptible, and the fact many local families are feeling the pinch:

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