Treasury Minister Allan Bell has delivered his eighth budget in the Tynwald chamber, with the theme 'Global problems, local solutions'.
He told members it was against a backdrop of the worst global economic position seen in the last 60 years, making it the most difficult budget he has had to prepare.
He said the reduction to a 15% VAT rate, brought in by the United Kingdom government, had been an influential factor in his decisions (play attached audio file):
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