It's now clear there are difficult times ahead for the Isle of Man, over the redrawing by the United Kingdom of the VAT revenue sharing agreement between the two jurisdictions.
The Manx government will lose ?50 million in the next finanical year, on top of the ?40 million it had already written off because of the temporary reduction in VAT, and the change in the way the Island's share is calculated.
The total annual loss from 2011/2012 will be ?140 million.
Cuts in funding haven't been ruled out, with public services and charitable organisations potentially in the firing line.
Chief Minister Tony Brown spoke to Manx Radio after making a statement to Tynwald, and made it clear the loss of revenue would be strongly felt:
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