Email sent to the Chief Minister, Treasury Minster and DfE Minister on 29th September 2022 | Economic Strategy

In July, Chamber issued a press release on the publication of the draft economic strategy.

Date: Thursday 29 September 2022

Email sent to the Chief Minister, Treasury Minster and DfE Minister on 29th September 2022:

In July, Chamber issued a press release on the publication of the draft economic strategy. With the consultation period closing tomorrow, we felt it important to highlight again our comments and views. I have also attached the discussion notes from the economic strategy workshop that we hosted at the Government Conference last week. You will also see a link to our member driven ‘Manifesto for Business’ from this time last year, as a reminder of the priorities business had to advance the Island under the new administration. This should also be taken as feedback to inform the Economic Strategy actions, going forward.

To ensure the strategy is successful, there needs to be sustained commitment throughout its delivery. We need to see an agile and decisive Government with all Departments working together and the strategy ingrained throughout like a stick of rock.

Chamber wants to see action-orientated targets and deadlines set with joint working parties between the public and private sector set up. Our members & the wider business community have a vital role to play in the success of the delivery of this strategy and are ready to form a mutually beneficial partnership with Government to accelerate its delivery.

July Statement:
Isle of Man Chamber of Commerce welcomes the Chief Minister’s comments in Tynwald and the publishing of the draft high level economic strategy.
With the publication of The Island Plan in February 2022, the Government confirmed its commitment to "building great communities" of economic and social value with the appropriate support to develop localised regeneration strategies and action plans.
The ‘Our Island, Our Future: Draft Isle of Man Economic Strategy’ brings to life a clear vision to develop a strong and diverse economy, which is sustainable, ambitious and built on firm foundations to provide economic success, rewarding career opportunities and prosperity which positively impacts all residents on the Isle of Man.
To achieve this vision the Economic Strategy outlines four economic aspirations and shifts:
1. Population: Grow the Island’s population to 100,000 residents by 2037, driven by the inward migration of economically active people
2. Shape of the economy: Reach a GDP of £10bn by 2032, across the enabling sectors, existing key sectors and new sectors, with 5,000 new jobs created and filled
3. Public finances: By 2032, to generate over £200m, of additional annual income to reinvent in services and quality of life for residents
4. Sustainability: Substantially decarbonise the services parts of the Island’s economy by 2030, supporting an overall reduction of 35% in the Island’s greenhouse gas emissions
The ambitious and bold strategy will be overseen by Council of Ministers with deadlines ranging from December 2022 to June 2024.
Chamber President, Kristan McDonald, says “While we are supportive of the direction and ambition of the Programme, we need to see a clear plan of execution, including some deliverables, action and measurable improvement. While it does a good job of laying out the complex problems we are facing and signposting a strong and positive direction of travel, there is a danger this could turn into an endless stream of consultations and reports if there isn’t a concreate proposal showing how we will get there.
The Ministers need to be consistent in their will to deliver and hold their departments and each other to account, as they are in turn accountable to the population. We would like to see more detail on how the new strategy will be executed.”

Kristan adds, “For the Programme to be a success it needs strong leadership and engagement in all levels of the civil service, but especially the senior members, so that it can deliver proactive and positive change. We see the plan as a good first step to identifying issues that Chamber has been lobbying on for some time.
Overall, we look forward to supporting local businesses to take advantage of the Programme’s ambitions to give the Island a vibrant and sustainable future.”