Economic Strategy Vision Statements
The Isle of Man’s vision is to develop a strong and diverse economy, which is ambitious, secure, built on firm foundations to provide economic success, rewarding career opportunities and prosperity which positively impacts all residents on the Isle of Man.
To achieve this vision, we aim to make the Island a more attractive and prosperous place to live and work, which in turn will sustain and grow productive businesses and services. Combined, this will provide more diverse and sustainable public finances that support the best possible public services and quality of lives for all of our Island residents.
We will achieve this through a significant £1bn long term public and private investment programme – investing in our people, our economy, our Island and our public services to secure 5,000 new jobs and a £10bn economy with infrastructure that can support 100,000 Island residents over the next fifteen years, with appropriate incentives / disincentives to achieve targeted and sustainable population growth.
Have sustained commitment to the strategy in all policy settings. Focus on short, medium and long term results: Government policies and strategies would consider in detail how their outcomes will contribute to the economic objectives in this strategy. The delivery arm of the strategy will monitor performance against the key indicators of success, and review particular policies that are likely to make a major positive or negative contribution toward achieving the objectives.
Economic policy-based decision making
Transition to economic policy-based decision making where economic, social and environmental value is maximised: When decisions are made, formal economic appraisals of impacts will be carried out. This will be backed up by clear guidance and criteria for estimating economic, social and environmental impacts of policies. This will require the creation of a Government Economic Appraisal Framework to ensure that projects are assessed on an equal basis, taking into account trade-offs between different kinds of benefits.
Make Government as effective as possible through coordination of the strategy implementation and culture of monitoring, evaluation and accountability: As seen during the Covid-19 pandemic, structures will be set up within Government to deliver on the key objectives of the strategies. These structures will bring with them the relevant expertise, resource and accountability to ensure the economic strategy is delivered effectively.
By aligning across Government these high level ambitions, there is a real opportunity to align risk appetite and decision making, breaking down silos and ultimately delivering the best possible outcomes.
Leverage skills and investment
Leverage skills and investment appetite of the private sector with Government acting as an enabler to delivery: A key theme of the economic strategy is that while Government may need to undertake some initial projects - including around investment in infrastructure - the private sector will play a crucial role in supporting economic growth and in contributing to the transformational changes needed. By enabling private sector investment and signalling direction, Government can use investment to leverage much greater returns than could be achieved in isolation.