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One man who can say he has long predicted harder times ahead for the Isle of Man is Treasury Minister Allan Bell.
Mr Bell and senior officers from his department have been involved in extensive negotiations over the VAT revenue sharing agreement, with politicians and officials from the United Kingdom Treasury.
He says the UK made it clear the agreement would have to be redrawn, largely on its terms, although there was some room for manoeuvre.
After today's announcement, James Davis asked Mr Bell to assess the impact on future Manx government budgets:
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