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Slow UK recovery could drag Manx economy warns minister

The slower than predicted UK economic recovery looks likely to have an adverse effect on the Isle of Man.

That's the belief of Treasury minister Eddie Teare who was speaking after UK Chancellor George Osborne's Autumn Statement on Wednesday.

Mr Teare says it's clear Mr Osborne has been forced to admit that the UK economy is in 'very choppy waters', which means the Island may not enjoy plain sailing economically in the foreseeable future.

The minister has also warned that the Chancellor's plan to reduce corporation tax in the UK from April 2014 will present increased competition for business, although the impact won't be immediate:

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