On Air Manx Radio Breakfast Ben Hartley & Sian Cowper | 7:30am - 9:30am

Tesco cash could boost Manx coffers

A call is being made for Isle of Man branches of firms such as Tesco to become registered Manx companies in a bid to boost government coffers.

Rushen MHK Juan Watterson (pictured) says currently the money spent in such shops here doesn't register in economic growth figures, which means it isn't seen in the share of tax revenues received from the British government.

Mr Watterson told Manx Radio he will continue to push for the change, despite being rebuffed by Treasury Minister Allan Bell recently, as he feels it's vital for the Manx economy:

"Ultimately this is Manx retail spending which is going into UK coffers and staying there and not coming back to the Island.

"I don't think that's the best way of managing our economy, especially at a time when government revenues are becoming increasingly sensitive.

"I certainly don't accept the minister's view that this is something we shouldn't look at 'because we shouldn't', and I will be pushing him to look at it further."

Story featured on Tuesday's Mandate PM.

Clip 1

More from Isle of Man News