The Isle of Man's financial sector will be properly equipped to face the challenges ahead, according to Minister for Trade and Industry, David Cretney,
He was commenting after the news the United Kingdom's economy kept shrinking throughout the second half of 2008 - registering its biggest decline since 1980 - and is now officially in recession.
On Talking Heads today, Mr Cretney (pictured) said the Manx economy remained strong, but had to be ready for difficult times:
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