Chief Minister sets out new 10-15 year economic strategy for the Isle of Man 

Draft document presented to Tynwald

The chief minister has set out a new 10-15 year economic strategy for the Isle of Man.

Alfred Cannan presented the draft document to Tynwald today after months of research, engagement and economic analysis by KPMG.  

It's claimed it will 'secure prosperity' for the people of the Island and ensure the 'future security and sustainability' of the economy.

The 'Our Island, Our Future: Isle of Man Economic Strategy' outlines four broad aims:

• Population: Grow the Island’s population to 100,000 residents by 2037

• Shape of the economy: Reach GDP of £10 billion by 2032

• Public finances: Generate more than £200 million of additional annual income by 2032

• Sustainability: Substantially decarbonise the services parts of the economy by 2030 and support an overall reduction of 35 per cent in greenhouse gas emissions

Mr Cannan said: "As it stands our economy is in reasonably good shape and many of our sectors remain successful. Although there are fiscal pressures government income is steady and unemployment remains at record lows.

"However there are a growing number of headwinds coming that are beyond our control. Global challenges such as digitisation, taxation and increasing demand for skilled workers are highlighting the precarious nature of our current economic model.

"We have always prided ourselves on our ability to adapt and as an Island, we have so much to be proud of. But we have reached a point in our economy where we must evolve again if we are to create longer term economic success.

"It would be unwise to maintain the status quo whilst so much change is happening around us. If we do not address critical challenges facing the Island in terms of our demographics, finances and public services we run a substantial risk of gradual decline which would create significant uncertainty.

"We should also recognise that our young people demand new job opportunities and modern, attractive facilities.

"We must now bring forward an ambitious and bold series of initiatives and policy changes that will ensure the future resilience, sustainability, and prosperity of our people and our Island.”

The draft strategy also presents plans for a £1 billion long term public and private investment programme which government says will be supported by an initial £100m Economic Strategy Fund to ‘help stimulate shifts and develop supporting initiatives’.

You can find the draft ‘Our Island, Our Future: Isle of Man Economic Strategy’ HERE.

You can follow the live blog HERE.