Our economic success is dependent on many factors, and recent experiences with COVID and also the current Cost of Living crisis have served to highlight both the strengths of our economy and the challenges we face.
The Economic Strategy has been developed to address and improve the Island’s economic prosperity and sustainability and its recommendations drive the Island Plan’s goals in ensuring our economy remains strong and diverse into the future. One of the key ambitions of the Economic Strategy is to generate over £200m of additional annual income to reinvest in services and quality of life by 2032 in order to ensure long term financial sustainability, including an efficient and effective delivery of Public Services.
Over the lifetime of this Plan we will:
- Following public consultation and Tynwald approval, progress the implementation of the Economic Strategy ambitions.
- Ensure the Island’s tax system and financial structures continue to meet international standards whilst supporting economic growth.
- Deliver a National Insurance Review, considering fairness and future funding requirements for public services including health and social care.
- Ensure we are a well-connected Island enabling travel to, from and around making us an attractive place to live, visit and do business in.
- Continue to ensure our approach to investment in our strategic infrastructure is well informed (action completed).
- Attract a younger, more diverse population, as well as the commitment to improve the prosperity and quality of life for all residents of the Island.
- Ensure our global engagements and relationships enable strong partnerships and economic growth.
- Implement strategies to enable a highly skilled, highly productive and business ready workforce, recognising our diverse international workforce and the value that it brings to our economy.
- Continue to support and develop existing business sectors and enable new business sectors, ensuring the Island is an attractive place to live and work.