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VAT change to bring 'rigorous' cuts in the Isle of Man

Further changes to the Isle of Man's VAT sharing agreement with the UK will lead to "rigorous" cuts, according to the treasury minister.

Osborne's tough package puts VAT up to 20%

Chancellor George Osborne increased VAT from 17.5% to 20% and cut welfare spending as he moved "decisively" to tackle Britain's record debts.

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