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Treasury minister reacts to UK mini-budget

Alex Allinson looks at how UK support packages will affect the Island

The treasury minister says he doesn't believe the mini-budget announced in the UK this morning will diminish the appeal of the Isle of Man.

Chancellor Kwasi Kwarteng announced tens of billions of pounds of tax cuts in attempt to drive growth in the economy.
The top rate of income tax for the highest earners is being scrapped - something he believes will simply the system and make Britain more competitive.
Stamp duty has also been reduced for those buying homes.

Alex Allinson says there are measures within the package that Treasury will be looking at, but the biggest threat to the Island's income - a cut in VAT rates - didn't transpire.

He says the Island still has distinct advantages.

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