There's no evidence to suggest retailers in the Isle of Man will cash in on the rise in VAT.
That's the view of the Office of Fair Trading, which has been responding to suggestions in the United Kingdom press that shops could increase prices by between five and eight per cent.
From today (Tuesday), the VAT on the majority of high street items has gone up from 17.5 to 20 per cent, but OFT chief officer Paul Gelling says many traders are actually reducing prices:
Current tests for prostate cancer 'not really specific enough' for widespread screening programme
Calls for a targeted screening programme for prostate cancer intensify
Cummal Mooar to remain in place until replacement commissionedÂ
A new facility may take two or three years
Minister ignores internet 'trolling'
It comes as UK regulator looking at new rules around the issue
UK Budget: What does it mean for the Isle of Man?
A look at which Westminster measures apply automatically, which may be mirrored, and what they mean for the Island’s economy
