treasury

07/08/19

Sending out a positive message

There was some good news on the economic front recently, when the Manx Treasury revealed that income was significantly better than had been predicted for the financial year to the end of March. The figure of  £1,066 million was around £20.5 million up on estimates, and £31.1 million ahead of the comparable 2018 figure.

Amid all the gloom and doom surrounding Brexit on the adjacent Isle it was a welcome boost for the Manx Government as it battles to best position the Isle of Man in an ever-changing global market.

It was particularly encouraging to see a sharp increase in income tax receipts – up £14.5 million to £238 million. Ultimately it is jobs and people that will drive the economy and this increase is evidence that things are moving in the right direction.

Treasury Minister, Alf Cannan, has pointed to the level of diversification in the Manx economy and to the strong performance of the e-gaming, insurance and ICT sectors.

There’s little doubt that these are the star performers at the current time, but as Mr Cannan knows the climate can change in a flash. The constant search for new business opportunities and potential revenue sources must continue relentlessly in order to safeguard our future.

The success of the economy in the face of external pressures is a positive in many ways. It can also help the government in its bid to attract new talent to the Island. Sending out a message that the Isle of Man is a dynamic, prosperous community is a powerful lure to entrepreneurs and skilled individuals.

Nobody would suggest that the Isle of Man is quite the land of milk and honey it was before the crash, but the fact that it continues to defy international trends year on year, is something to be happy about and can at least generate an air of positivity.

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