VAT's the way to do it, says minister
The Island’s Treasury Minister says extra VAT money from the UK is welcome, but it won’t make a huge difference to government budgets.
In Tynwald yesterday, Eddie Teare MHK unveiled a new formula for sharing VAT revenue with the UK which means the Island will get an extra £21.5 million in total for the past three years.
The Final Expenditure Revenue Sharing Agreement, FERSA for short, comes after years of deep government cuts sparked by the UK’s unilateral renegotiation of our VAT share.
Mr Teare says the new agreement is welcome, but it’s not a panacea for our financial woes:
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