Breaking the Isle of Man's VAT ties with the United Kingdom is a viable option, according to a prominent figure in the local manufacturing sector.
Dr Helmut Kessler, of CVI Technical Optics in Onchan, was speaking after the news the Island will lose ?90 million next year and ?140 million in subsequent years, following changes to the VAT sharing agreement with the UK.
The Channel Islands generate business by offering products and services VAT-free, and Dr Kessler believes the Isle of Man is well placed to do the same:
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