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Reserve spending 'as expected' - Treasury Minister

Treasury Minister Eddie Teare says spending tens of millions of pounds from the government’s reserves is something that’s been planned for a long time.

He was responding to concerns from Michael MHK Alf Cannan who said he was worried almost £400 million the government has saved up is being spent too quickly.

But Mr Teare says the spending, which includes money to soften the blow of the UK’s VAT renegotiation as well as to fund a depositor’s compensation scheme, should come as no surprise.

He says he understands concerns, but points out the cash has been budgeted for.

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