CHIEF Minister Allan Bell MHK has called on the support of the local business community to help deliver his vision for achieving a sustainable future for the Island.
Addressing the ‘Manx State of the Nation’ conference today, organised by the Alliance of Isle of Man Compliance Professionals, Mr Bell said the task of stimulating further economic growth was at the very heart of his plans.
He added that the resilience and diversity of the Manx economy inspired great confidence, but warned that failure to embrace change and adapt to new realities could undermine the progress made since the mid-1980s.
The Chief Minister said: ‘As the storm clouds continue to gather around us in Europe and beyond, it is vital that we develop new strategies to protect our future and do not dwell on past success. If we lose focus on the needs of the economy in the time ahead, either through complacency or through the distraction of our fiscal challenges, then we risk endangering our impressive achievements of the last 25 years.’
The audience heard that the Island had solid foundations to build upon, with no external borrowing, an unemployment rate below 2.5%, strong reserves, and continued economic growth despite ongoing turbulence in international markets.
The Chief Minister said the robust performance of the Isle of Man economy was in no small measure down to the confidence and enterprise of its private sector.
He told Island business leaders: ‘I would like to offer my personal, and sincere, gratitude for your hard work, support and partnership as it plays such a crucial part in terms of our continued progress as a world-class international business centre. My Ministerial colleagues and I recognise that your outstanding contribution has enabled the Isle of Man to cement its place as a well-regulated and responsible nation, with a high quality corporate offering.’
The Chief Minister said the Isle of Man would maintain its policy of responsive engagement with global scrutiny, while always seeking to defend its own strategic interests.
He commented: ‘Our regulatory systems, while observing the continuing need to adhere to international best practice, must also be designed to encourage new commercial opportunities, especially in the face of ever growing competition. The emergence of a more independent Scotland on our doorstep is a good example and one we must watch very carefully.’
The conference heard that next month’s Budget would highlight the very challenging targets that had to be met in order to protect the Island’s core services and maintain a vibrant economy.
The Chief Minister concluded by saying: ‘There is one vital message that must never be forgotten. Without a strong and sustainable economy, delivering a strong and sustainable fiscal base, the political independence of the Isle of Man will always be vulnerable to external pressure.
‘As a Manxman I am proud of what this Island and its people have achieved over the last 25 years. We have fought long and hard to rebuild our economy and our public finances, and to defend and grow our political independence. I can promise you today that as long as I remain Chief Minister I will do everything in my power to protect those achievements and your futures.’
-ENDS-
