The treasury minister's assessment of today's United Kingdom budget is "pretty depressing".

Allan Bell says the chancellor has confirmed the fairly parlous state of the UK economy and the government's finances, which is dramatically different from the assessment he gave as recently as last November.

The fact the Isle of Man's economy is so closely linked to that of the UK means it's cause for concern, particularly in relation to the new arrangement for pooling VAT receipts (play attached audio file):

Mr Bell and his colleagues at the Treasury will study the fine print of the UK budget over the coming days, and they will be particulatrly keen to assess the implications of new tax avoidance measures.