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About our priorities

To work towards a more secure, vibrant and sustainable Island nation for all, our focus is on five interrelated priorities as developed from early engagement with Tynwald Members at the beginning of this Political Administration in October 2021.

  1. Building great communities

  2. An Island of health & wellbeing

  3. A strong and diverse economy

  4. An environment we can be proud of

  5. Outstanding lifelong learning and development opportunities for all

Our priorities have been further informed by the publication and Tynwald approval of the Economic Strategy, which has four primary ambitions and vision statements that link directly to the Island Plan vision and priorities.

Economic objectives

Prosperity for people and communities

This means:

  • Increase to median earnings
  • Reduce the income inequality gap
  • Invest in improving public services & infrastructure

Example initiatives:

  • Review of tax structure: individual tax
  • Further support Island's education & skills offering
    • Childcare strategy - affordable and accessible childcare
    • Education & skills strategy
    • Household focused digital adoption
  • Health - facilities, wages, public awareness
  • Infrastructure - cultural, leisure & transport facilities
  • Housing - especially for 20-40 year olds

Prosperity for business

This means:

  • Increase business productivity
  • Increase business innovation & investment to drive new revenue streams
  • Improve quality and grow size of workforce

Example initiatives:

  • Business focused digital and technology adoption and infrastructure investment
  • Business growth support programmes and incentives
  • Access to finance
  • Refinements to regulation and regulatory remits
  • Infrastructure investment and regeneration: reform planning policy legislation
  • Support labour market: migration and employment enablement
  • Policy in support of improving individuals' business-ready skills, knowledge and experiences
  • Education and skills: business focused measures

 

Resilient and sustainable economy

This means:

  • Balance the age profile of the population and reduce dependency ratio
  • Maintain healthy Government finances over the long term
  • Improve the Island's environmental and social sustainability

Example initiatives:

  • Environmental sustainability policy - climate change plan
  • Review of tax structure: corporate tax (domestic)
  • Impact of OECD "pillar-two" solution - corporate tax (international)
  • Monetising the green economy

Protect, nurture and grow key sectors of the economy

This means:

  • Adapt and modernise enabling sectors of the economy
  • Maintain or grow current key sectors
  • Grow new sectors

Example initiatives:

  • Adapt and modernise enabling sectors - consider active support/investment for; retail, hospitality, leisure, property and energy being attractive to people and business
  • Protect nurture and grow the current key sectors - through investment and support to find new markets, support productivity and innovation to remain relevant including; financial services, digital, production and visitor economies
  • Develop and grow new sectors - through active product development and investment including; knowledge, date and green economies.