A comprehensive round-up of the latest business news covering all sectors within the Isle of Man’s diverse and dynamic business environment. GOVERNMENT ACCOUNTS SHOW £30M SURPLUS The unaudited accounts for the financial year ended 31 March 2019, reveal a strong period for the Manx economy. The highlights include: ■ Income was significantly higher than expected – a total of £1,066m which was £20.5m better than budget and an improvement of £31.1m on the previous year ■ Income tax receipts up by £14.5m to £238m ■ Other income sources were better than budget by £6.0m ■ The closing market value of the externally managed reserves, including cash, was £1,749m, or £1,873m including the investment in the Isle of Man Steam Packet Company ■ Spending on NI-funded benefits was lower than budget by £4.7m, mainly due to retirement pensions which were £6.3m lower. That reduction enabled a transfer to the Healthcare Transformation Fund of £1.4m ■ Overall revenue surplus of £30.8 million T reasury Minister Alfred Cannan MHK said: ‘The information contained in the accounts sends out a clear message that government finances are in a strong position.  This has been achieved through a combination of considered investment in our Public Services, the application of strong cost controls and a broad range of policy initiatives to support economic growth. ‘This in turn has led to better than expected direct and indirect taxation receipts and lower than anticipated Social Security expenditure, but we must not be complacent, particularly given international events.’ He added: ‘We continue to benefit from the level of diversification in our economy and the e-gaming, insurance and ICT sectors are all performing well. It is important that we continue to build on the progress made to ensure we have suffi cient resilience to meet future challenges.’ The Light Blue Book is aligned with the Budget Pink Book to promote transparency and understanding of the year’s financial transactions and the year-end financial position. ISLE OF MAN SHIP REGISTRY BEST IN THE WORLD IN 2018 PARIS MOU WHITE LIST REPORT The Isle of Man Ship Registry has been placed first in the 2018 Paris Memorandum of Understanding (MoU) on Port State Control White List. The Paris MoU ranking is considered a key performance indicator for the Isle of Man Ship Registry as it provides an independent verification of the standard of the Manx fleet in comparison to other flags. The 2018 result far exceeds the Registry’s long-term target of remaining within the top third of the white list. The announcement formed part of the Paris MoU Committee’s 2018 Annual Report which was published on 17th June 2019. The report was based on 651 ships’ inspections by Port State Control within the Paris MoU region between 2016 and 2018. Minister for Enterprise, Laurence Skelly MHK, commented: ‘I am delighted to see this positive international recognition for the Ship Registry. The Registry provides an essential service for the Isle of Man, stimulating economic growth and demonstrating our commitment to a diversified economy. This achievement recognises the excellent service the Isle of Man Ship Registry provides its clients. The top position of the Performance table sets the Isle of Man apart from its competitors as a high quality jurisdiction, meeting all of its international obligations.’ Director of Isle of Man Ship Registry, Cameron Mitchell explained: ‘We are extremely proud of the result because it shows the quality of our ships and the high standards of our discerning clients. We are also delighted because it demonstrates the success of our new ‘General Inspection’ (GI) survey scheme which we implemented in April 2017 with the support of our clients. The General Inspections are similar to an expanded Port State Control (PSC) inspection which allows our surveyors more freedom to examine potential problem areas before they reach PSC. Our detailed GI Reports then provide the operator with the information they need to address these problems before they become PSC deficiencies. We are delighted to be the first out of 27 participating maritime administrations from European to North American coastal States.’ ‘The Isle of Man Ship Registry wishes to place on record our thanks to all our partners who have contributed to our success. This includes our global client base, our recognised organisations, and the Red Ensign Group.’ To find out more please visit the Isle of Man Ship Registry’s website on www.iomshipregistry.com and follow @IoMShipRegistry on Twitter and LinkedIn. | 5