The situation the Isle of Man finds itself in today presents a huge challenge for its politicians.
An extended period of prosperity means the Island will be able to cope with the VAT shortfall, albeit with some painful belt-tightening.
But for a reflection from one of Tony Brown's predecessors we turned to the Island's first Chief Minister, Sir Miles Walker.
He took office as those prosperous times were beginning and the idea of putting cash aside for a rainy day - the creation of a deep well of reserves - was coming into effect.
John Moss has been speaking with Sir Miles:
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
