The minister for economic development is warning the Island it must brace itself for an 'extremely challenging year'.
Allan Bell says the Isle of Man has performed much better than anybody could have hoped for in 2010.
However, the loss of ?100 million pounds of VAT revenue from the Manx budget will present real difficulties (play audio file):
You can hear more of Mr Bell's comments on Manx Radio's Business Review of the Year, with John Moss, from 5.30pm this evening (Thursday).
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