An Isle of Man-based cryptocurrency security expert is calling for action after another hacking scandal saw $32m stolen from an exchange.

The announcement by the Chief Minister that the Isle of Man was facing a ‘climate change emergency’came as something of a surprise to many people, given government’s rather haphazard approach to environmental issues to date.

Given the mounting scientific evidence few would now argue that concerted global action is required to curtail the damaging effects the human race is having on the planet and its occupants.  The gloomiest predictions suggest that if all the major industrialised countries of the world don’t make some drastic changes in their approach to environmental issues we could find ourselves passing the point of no return within a decade.

It’s right that the Isle of Man should play its part in this important process, however small our ‘global’ contribution is. But, if the government is going to get everybody singing from the same hymn sheet it has to come up with sensible, achievable goals that don’t mean that it’s the poorer members of society that carry the greatest burden from changes that are imposed.

The Manx Government’s track record is, at best, patchy when it comes to environmental concerns. Many grants that used to be available for a range of home improvements such as loft insulation and property re-wiring disappeared a long time ago. Then there’s the recent decision to charge people for the disposal of fridges, freezers TVs etc, when the sad truth is that some people would rather chuck their unwanted appliances over a hedge than pay to drop them at a utility site.

One of the ‘emergency’ measures announced by the government has been a commitment to ban the fitting of all fossil fuel boilers in new homes by 2025. Can we assume that electricity charges will then be subsidised so that people can afford to heat their homes with energy provided from our lovely gas fired power station? 

The 2025 target looks like a knee-jerk reaction. For example, what’s not explained is whether people in older properties whose boilers need replacing post 2025, will also be banned from fitting new gas, oil or solid fuel appliances? Viable, environmentally friendly alternatives can be hugely expensive and beyond the budgets of ordinary people. Will government be prepared to make large sums available to help people make the switch? To be fair Mr Quayle has promised the return of the Energy Efficiency Grant Scheme, the details of which have just been announced. The ‘refreshed’ Energy Efficiency Scheme campaign will aim to assist residents with their fuel bills and help reduce usage of fossil fuels. The Isle of Man Government will provide up to £1,000 towards home improvements to support this. Private renters or homeowners who earn £29,000 for a single person, or £43,000 combined for a jointly assessed couple can apply for the scheme online.

According to the Chief Minister the Climate Change Bill will commit the government and future administrations to reach net-zero carbon emissions by 2050 in line with the United Nations Intergovernmental Panel on Climate Change report. New fossil fuel cars will be banned by 2040 and cycle racks and showers will be installed at all suitable public buildings, as well as introducing incentives for tree planting under the imminent revisions of the agricultural support scheme.

If the government is really serious in its bid to bring about change it has a huge amount of work to do. It must involve all sections of the community in the process. That includes businesses, charities, lobby groups and the media. 

However well intentioned the changes are there must be a realisation that some of the more draconian measures will hit lower income earners considerably more than the better off in our society. Government’s most difficult task will be ensuring that the ordinary man or woman in the street isn’t disproportionately disadvantaged.

For this month’s special B365 feature we meet some of the women playing a key role in keeping the Isle of Man’s wheels of commerce turning. 

B365 Wealth Management feature includes some of the leading companies in the wealth management sector and shines the spotlight on the significant pool of professional talent available on the Isle of Man.

Manx Telecom, has confirmed that the company’s acquisition by Basalt Infrastructure Partners II LP (Basalt) is complete. Basalt will work with the Manx Telecom management team to invest in new technology to deliver improved customer service and efficiencies to the business.

Chief Minister, Howard Quayle says a bill to tackle climate change will be introduced into the parliamentary branches before the end of the next legislative year. It will commit the government and future administrations to reach net-zero carbon emissions by 2050. 

Revelations that the Manx Government’s much vaunted SAVE programme might not actually achieve its target of £15 million by 2022-23 shouldn’t come as too much of a surprise. The rationale behind the initiative seemed more like a rather glib PR exercise than a concerted attempt to claw back savings from the government machine.

Efforts to reduce revenue expenditure through streamlining government processes and activities should be an everpresent constant within the system rather than a short term exercise in the hope of coming up with big, shiny end total, followed by much self congratulation.

Treasury Minister, Alf Cannan – responding to a question from Ramsey MHK Lawrie Hooper in Tynwald – conceded that securing savings through this route had proved challenging and continues to be so. It begs the question – why launch such a campaign in the first place. If Mr Hooper hadn’t raised the issue in Tynwald would the SAVE programme have quietly disappeared from the radar?

As part of the original idea the public was asked to come up with ideas for making savings. According to Government figures around 1,300 suggestions were forthcoming, with every one of them reviewed by a team of officers from Treasury and Cabinet. After sifting, around 700 met the brief of making revenue savings suggestions, the rest were ideas for income generation.

All the suggestions and responses were logged and displayed on the government website. The process must have occupied considerable man-hours for civil servants.

Making cost savings across government isn’t easy. To be fair a significant number of initiatives have been instigated to that end, but after a lengthy period of relative austerity, brought about by changes to the way the Island’s VAT contributions are calculated, the requirement for further cost savings remains.

The economy continues to perform well, but as Mr Cannan is the first to concede, there is no room for complacency. 

Hindsight is a wonderful thing, but SAVE programmes such as the one we currently have carry a whiff of desperation. 

Why it’s essential to keep on top of your tax affairs.

Manx Telecom is to buy Synapse360, an IT infrastructure and managed services provider, which operates in both the Isle of Man and the UK.  

Conister Bank’s parent company Manx Financial Group PLC announces £2.7 million profit before tax and a 13.8% increase of total assets to £196.9 million.