The redrawn VAT agreement with the United Kingdom heralds a new era of austerity in public spending in the Isle of Man.
To put the ?90 million loss to Manx government revenues for the next financial year in perspective, the Island's present total revenue expenditure - which funds its public services, public sector salaries and all other public projects - is put at just over ?572 million.
That means the reduction equates to very roughly a fifth of the Island's annual budget this year, and the annual shortfall will increase to ?140 million from the financial year 2011/2012.
To claw that much back will involve pain in various quarters, but Chief Minister Tony Brown told James Davis the deal put on the table by the UK was non-negotiable:
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