This administration set out to pursue a clear vision of a secure, vibrant, and sustainable future for our Island. We outlined our ambitions and created a comprehensive ‘Island Plan’ which gained Tynwald approval in February 2022. Since then, we have seen a major shift in global economic trends, impacted partly by the war in Ukraine, which have brought about new and substantial challenges.

We have sought to negate the worst impacts of the resultant cost of living crisis by providing direct financial support to our community and by suppressing electricity prices. These measures will have provided some relief to families and individuals and should have helped shield parts of the economy from the worst impacts of inflation and energy pricing.

We will need to continue to tackle these emerging economic threats, but amongst the turmoil, it is absolutely essential that Our Island Plan gives us the framework of ambition and activity to support the long term vision for our Island and address key issues for the public.

Since the launch of the Island Plan, we have continued to deliver at pace, and have launched and progressed a number of key initiatives, including the cost of living strategic response, the Housing and Communities action plan, Health and Care Transformation, Visitor Economy Strategy, and of course the Climate Change Plan.

In November 2022 Tynwald approved an Economic Strategy which not only recognises the reality of life here in the Isle of Man, but also showed us what is happening further afield, highlighting where opportunities may lie and where threats may approach.  This important document, which has been revised after an extensive public consultation, including the first Government Conference and informed by Tynwald debate, sets out a vision for the Isle of Man over the next 10-15 years. This vision is 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 will positively impact all residents in the Isle of Man.

This strategy gives us a strong evidence base and clear economic aspirations in order to achieve our overarching goals, and we must ensure that all of our decision making and prioritisation is tethered to these goals.

We therefore took the decision to update this version of the Island Plan with key elements of the Economic Strategy, ensuring the two are intertwined as we move forward with a number of important initiatives over the next few years. This document crystallises the overarching goals of this administration, to ensure this work is carried out carefully and with the right resources and capabilities in place.

We are laying the foundations to make the Isle of Man a more attractive and prosperous place to live and work, which in turn will sustain and grow productive businesses and services. It is through a continuous and deliberate focus on these strategic outcomes that we will make the Island a secure, vibrant and sustainable place to live.