KPMG could be paid £2 million for economic strategy work

But Treasury says it can't provide an 'accurate figure' yet

Up to two million pounds of taxpayers’ money could be spent on compiling the new 15-year economic strategy for the Isle of Man.

That’s according to Treasury which has told Manx Radio it can't provide an ‘accurate figure’ in relation to how much money it’s given KPMG for the ‘Our Island, Our Future’ work.

The new financial plan was unveiled in July and highlighted the ambition of increasing the population to 100,000 by 2037.

You can find it HERE. 

“As the project remains ongoing, it is not possible to provide an accurate figure in relation to overall cost. It is also not Government policy to release the exact value of specific contracts of this nature, as doing so could harm its future ability to protect public funds while negotiating best value with suppliers.” – Treasury 

KPMG was appointed as part of a ‘strategic partnership’ to undertake the work which informed the strategy.

That followed a tender process which saw 16 companies express interest – three of which were based on Island; five companies progressed to the formal bidding stage – one of which was Island-based.

But Treasury says, due to the fact the project remains ‘ongoing’, it is not possible to provide an accurate figure in relation to overall cost.

It also claims it’s not government policy to release the exact value of specific contracts of this nature as doing so could ‘harm its future ability to protect public funds’ whilst negotiating best value with suppliers.

However once the work has been completed it says it anticipates that the total cost of the KPMG partnership will be between £1 million and £2 million pounds.