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Treasury comments on UK Pre Budget statement 8 December 2005

    Treasury member Adrian Earnshaw MHK today commented on the UK Chancellor's Pre Budget Statement, stating:

    “Clearly there are some signs of a slowdown in the United Kingdom, with forecasts of real economic growth being reduced to 1.75% this year. By comparison the Isle of Man continues to forecast growth of between 5 and 6%, which will keep employment high and helps to provide the revenues that will maintain our key public services”.
    “The Chancellor has focussed his attention on rising fuel costs and has decided against any increases in petrol duty. This is good news for Island motorists. ”

    Mr Earnshaw concluded

    “We always study the detail which accompanies the Chancellors statement. There are announcements in respect of film tax relief’s and offshore trusts, which we will pay particular attention to.”

    The effect of the various changes is estimated to have no material impact on the Manx Retail Price Index.

    8th December 2005

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