There has to be a major shift in the Manx economy to deal with the reduction in public funding, according to a backbench member of the House of Keys.
A quarterly report published this week shows the Isle of Man has over ?380 million in reserves, but Michael MHK David Cannan believes the Island is becoming increasingly dependent on these funds, following the United Kingdom Goverment's decision to reduce VAT payments to the Island, in October last year.
Mr Cannan, a former treasury minister, says the Island must adapt to survive:
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