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Former Treasury Minister and MHK for Ayre Eddie Teare led the charge to fill the blackhole in government finances caused by a £200 million cut in the VAT sharing arrangement with the UK in 2008. In the year that followed the 2016 general election when Mr Teare’s measures were fully effective the deficit had fallen to just under £10 million, but did this cause the economic stagnation that’s plagued the Island for the past decade? The deficit has crept up to more than a £100 million during the Quayle and Cannan administrations but is that sustainable. Is stringent cuts the answer or do we need some bandages - possibly from Manx Care’s generous budget?
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