Global changes and macroeconomic challenges have accelerated the need for the Isle of Man to focus on its economic strategy. The COVID-19 pandemic and associated impact on our society and economy has reinforced this and gives us the unique opportunity to progress this work under the Economic Recovery Programme.
We need to better analyse our economic ecosystem data to give us a shared evidence base, understanding the ongoing impact of macro challenges on our economy.
This will enable the delivery of a strategy to create a future economy which is safe, environmentally robust and socially inclusive, underpinned by a skilled workforce, attracting businesses and individuals to achieve sustainable economic growth for our Island for the next 10 years.
As a result of coronavirus, there will be global shifts in employment, in technology, and in taxation policies. While the pandemic has presented the Isle of Man with a number of challenges it is clear that, in the long term, it may also present us with opportunities to better understand the changing world around us and define what our economy might look like in five to ten years’ time.
For this ‘new world’, we are going to need a new proposition. We will need to understand what our fiscal position, our taxation position, our sector position and what our industry position is and what it should be in the future.
As such, the third vital phase of Economic Recovery Programme is the production of a five to ten year Economic Strategy for the Isle of Man.
The Economic strategy will look at macro trends and develop a strong, evidence based approach for the next stage in the Isle of Man’s growth.
The principle is to develop a partnership with an external body over the longer term, to seek not only consultation on the Island’s strengths and weaknesses, but also build a longer term strategic relationship that will help to shape and deliver the economic future of the Island.
While work on this stream is in its initial stages, the key themes that were drawn from our extensive consultation – via workshops – with industry will be central to the economic plan:
- Digital – upskilling our workforce and businesses to harness the opportunities presented by digital
- Green – Business models and industries focussed on sustainability, capitalising on our biosphere and meeting our 2050 net zero targets
- Safe Haven – utilising our safety and security, both generally and in light of COVID, our political stability and regulatory abilities
- Attractive to Business – Understanding where we are in attracting businesses and how we build or develop new USPs
- Attractive to People – focussing on high quality of life