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The definitive answer has been offered to the question 'why has the United Kingdom redrawn its VAT sharing agreement with the Isle of Man?'
Lord Bach, who has responsibility for the Crown Dependencies at the UK Ministry of Justice, says the old arrangement was simply too good a deal for the Island, which got more than its fair share from the VAT pot.
The change has triggered a near-crisis for the Manx Government, which is facing a loss to its annual budget of more than £140 million pounds in the future.
Lord Bach, who is on the Island to speak at the Chief Minister's International Lecture this evening (Wednesday), gave his frank and unexpected explanation to reporters:
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