New economic focus
The Government commissioned a strategic partner in 2021 to help build a comprehensive report into the Isle of Man’s current economy, looking at the wider global opportunities and threats, developing a strategic economic approach and finally providing a monitoring and delivery framework. Based on this research, Government produced a Draft Strategy “Our Island, Our Future”.
The Draft Economic Strategy was subject to public consultation during the summer of 2022, including being the lead item in the content and discussions at the inaugural Isle of Man Government Conference in September 2022. Following this extensive engagement, a revised version was debated and approved by Tynwald in November 2022.
The vision of the Strategy 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 positively impacts all residents on the Isle of Man.
To achieve this vision we aim to make the Island a more attractive 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 life for all of our Island residents.
We will achieve this through a significant £1bn long term public and private investment programme – We will invest in our people, our economy, our Island and our public services to secure 5,000 new jobs and a £10bn economy by 2032. We will develop our infrastructure to support a population of 100,000 by 2037, with appropriate incentives / disincentives to achieve targeted and sustainable population growth. We will generate £200m additional public income by 2032 to reinvest in public services for our residents and improve quality of life. We will substantially decarbonise the services parts of our economy by 2030, in line with our Climate Change plans.
These ambitions are underpinned by four key strategic objectives:
- Prosperity for people and communities
- Prosperity for business
- Resilient and sustainable economy
- Protect, nurture and grow key sectors of the economy
Which in turn will help make the Isle of Man:
- A more vibrant place for residents to live, building great communities with better services, and a higher quality of life. With improved public services and outcomes for residents, enabled by stronger and more sustainable public finances.
- An attractive, enterprising, competitive and business-friendly Island, with a productive, highly skilled, business-ready workforce.
- A sustainable and responsible Island, representing forward-thinking approaches to environment, taxation, and regulation, with increased Government income and improved facilities for all ages.
- A competitive and fair economy which is strong and diverse, and supports a number of enabling, existing and future sectors.