Government sets out Economic Strategy for next 10-15 years

The government will ask for £100m as it unveils a draft economic strategy - proposing a 10-15 year vision for the Isle of Man.

Official says it's to 'secure prosperity and the future security and sustainability of the economy.'

The ‘Our Island, Our Future: Isle of Man Economic Strategy’ aims to set out a vision to develop a strong and sustainable economy and provide rewarding career prospects.

To achieve this, government hopes to build the Island's population to 100,000 by 2037 and reach a GDP of £10bn by 2032.

Further, by 2032 - officials want to generate more than £200m to reinvest in services and improve quality of life for all residents.

Its aims include to substantially decarbonise parts of the Island’s economy by 2030, supporting an overall reduction of 35% in  greenhouse gas emissions.

The draft Strategy also presents plans for a £1bn long term public and private investment programme, supported by an initial £100m Economic Strategy Fund.
Alfred Cannan MHK, Chief Minister, commented:

‘This is a significant moment for our Island as we set out our high level ambitions for investment, incentives, and ideas that will help change the shape of our economy and bring greater opportunity for the people of the Isle of Man. The draft Economic Strategy comes from months of research, stakeholder engagement, and economic analysis that has shone a true light on the current trajectory of the Island’s economy and demonstrated a new approach that is necessary to ensure our resilience and success over the next 10-15 years.

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.

 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.'

The draft Economic Strategy is available to read here: gov.im/economicstrategy