The Manx public should lower expectations as to what government can deliver.
That's the view of Treasury Minister Allan Bell as the Island enters a new economic era.
Government revenues have been plunged into near-crisis by the United Kingdon's decision to claw back ?50 million from the VAT revenue sharing arrangment next year.
That, coupled with the expected drop in receipts due to the lower VAT rate and a change in the way our share is calcluated, will mean a total loss to government coffers of ?90 million in the next financial year.
The figure is around 20 per cent of the government's current annual budget and Mr Bell says it's clear tougher times lie ahead:
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