Rumour reaches me that we should shortly see announcement of a massive increase in GDP in the Isle of Man.
Why could that be? Well, the VAT sharing agreement with the UK happens to be based on ratios related to relative GDP. So if the Isle of Man manages to report a significant GDP increase whilst the UK’s in the doldrums of near recession guess who wins significantly? Yes, our friends in the Irish Sea.
But surely they wouldn't do such a thing, would they?
Maybe it would be a job for the Audit Commission, if only we’d still got one.