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VAT increase could net Island extra £25 million, says Treasury

Isle of Man Treasury is estimating next year's rise in VAT could net the Island an extra £25 million pounds.

That's according to treasury minister Anne Craine, who's given Manx Radio her reaction to today's UK emergency budget.

UK chancellor George Osborne announced, among many other things, that VAT would increase from 17.5 per cent to 20 per cent from January.

Mrs Craine says they're aware the increase could reduce people's spending too though:

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