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Isle Of Man credit rating under review

Fresh from a surprise 24% reduction in the Isle of Man's budget forwarded by the UK government, it has been revealed that credit rating company Moody's has placed the island's credit rating under review. The current Triple-A status is in line for a possible downgrade purely and simply because of the 24% reduction in the government's budget which Alistair Darling has already confirmed is non-negotiable.

While the reduction in the budget would be hard enough for the government to accommodate, it is the potential increase in the cost of borrowing which is starting to concern the authorities on the Isle of Man. This could have a significant knock-on effect to life on the island and ultimately impact upon its status around the world as a "tax haven".

It is highly unlikely that Alistair Darling will review his budget plans as he would have been more than aware of a potential credit downgrade after putting together his 24% reduction in the budget. This would appear to be one of the harshest ways to try and deal with the Isle of Man's status as a "tax haven" and has the potential to change life on the island in the future.

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