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Alistair Darling slashes Isle of Man budget

Chancellor Of The Exchequer Alistair Darling has announced plans to slash the budget of the Isle of Man by 24%, knocking off £140 million from the islands £572 million annual budget. He has broken ranks with a 400 year old customs revenue sharing agreement as he continues his battle against so-called tax havens around the world.

This is a major blow for the Isle of Man government even though it have managed to negotiate a transitional £50 million reduction for the first year but there are serious concerns about the long-term future of the island and its status as a "tax haven". It would appear that Alistair Darling is being good to his word about his ongoing attack on so-called tax havens although his brutal reduction in the budget, even though the UK government is continuing to receive custom income from the island, appears something of a contradiction in terms.

It seems that the government is desperate to reduce the annual budget for the UK by whatever means necessary and using the excuse of an attack on "tax havens" he has pushed through this particular arrangement which he has told the Isle of Man authorities is "non-negotiable".

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