Overview

In 2021, the Isle of Man Government commissioned KPMG as strategic partners to assist with the development of a five to ten year economic strategy for the Island. They set out to deliver a five-phase report to develop a fundamental review and understanding of the Isle of Man’s current economy, looking at the wider global opportunities and threats, developing strategic direction and finally providing a monitoring and delivery framework. This report has informed and guided the Isle of Man Government’s overarching Draft Economic Strategy.

While there has been a significant amount of research, discussion and assessment led by KPMG, ultimately the Economic Strategy, which will inform the Island Plan’s priorities for the next 5-15 years, must be led by Government. The Isle of Man’s Draft Economic Strategy 2022 – 2032 sets out a vision and ambition for the Isle of Man that surpasses the reach of the current administration, setting the foundations for investment and economic security for the next 10 years and beyond.

Through the Draft Economic Strategy, the Isle of Man Government is choosing greater investment in our economic future, choosing to put our people at the centre of our economic model, and choosing to build a future Isle of Man that people will hold up as an incredible place to live, visit, work and do business. The vision is to build 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.

The Economic Strategy outlines four economic shifts to achieve our key objectives to achieve this vision.

The four shifts

Population

Ambition: Grow the Island’s population to 100,000 residents by 2037, driven by the inward migration and retention of economically active people and the recruitment of key workers.

Shape of the economy

Ambition: Reach a GDP of £10bn by 2032, across enabling sectors, existing key sectors and new sectors, with 5,000 new jobs created and filled.

Public finances

Ambition: By 2032, to generate over £200m of additional annual income to reinvest in services and improve the quality of life for all residents.

Sustainability

Ambition: Substantially decarbonise the services parts of our economy by 2030, supporting an overall reduction of 35% in the Island’s Green House Gas (GHG) emissions.

The four economic objectives

Prosperity for people and communities

This means an increase to median earnings, reduce the income inequality gap, and invest in improving public services and infrastructure

Prosperity for business

This means Increase business productivity, increase business innovation and investment to drive new revenue streams, and improve quality and grow the size of workforce

Resilient and sustainable economy

This means balance the age profile of the population & reduce dependency ratio, maintain healthy Government finances over the long term, and improve the Island’s environmental and social sustainability

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, and grow new sectors

Why your views matter

The draft Economic Strategy was released in July 2022, and is being used as the basis for wider public and political consultation over the summer of 2022. This survey forms a key part of this consultation period and all views and responses are welcome.

The Government Conference on 20 and 21 September will also be an important event for further engagement and updates regarding the input and feedback received over the summer months.

Following this consultation period, an updated version will be brought to Tynwald in November 2022 for debate and approval.

How to respond

The deadline for responses is 23:59 on 30 September 2022.

Responses should be made online via the Online Survey link below or in writing via post to:

FAO Economic Advisory, Treasury
3rd Floor Government Offices,
Bucks Road,
Douglas,
Isle of Man
IM1 3PZ

Email responses can be sent to: Treasuryconsultations@gov.im

When responding, please state whether you are responding as an individual or representing the views of an organisation. If responding on behalf of a larger organisation, please make it clear who the organisation represents and, where applicable, how the views of members were assembled.

What happens next

The feedback from the consultation will be collated and form the basis of discussion topics at the Government Conference – to be held in September 2022, as well as informing further updates to the Draft Strategy.