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Treasury examines Chancellor's Autumn Statement

The Treasury Minister says his Department will be examining UK moves to restrict the rising cost of benefits for certain groups. The move to encourage people back to work appeared in the Chancellor's Autumn Statement yesterday.

Eddie Teare says the Manx government shared that objective and "would be reviewing its own plans in light of the announcements”.

Treasury officials are now examining the fine detail of George Osborne's statement to see where it does or could affect the Isle of Man. Any indication of a UK version of the FATCA tax transparency regulations imposed by the United States will be high on the list.

Meanwhile the UK may be in danger of loosing its Triple A credit rating after Mr Osborne admitted missing his immediate debt reduction targets. The Island lost its Triple A rating, a global indication of credit worthiness, some months ago.

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