CHIEF Minister Allan Bell's public address on the issues facing the Isle of Man continued…

(You can read the first part of this article by clicking here)

Spearheading growth

"Politicians and the public must remember that central to everything we do is the need to protect and grow the economy.

"Without a strong economy the Island will neither create the new jobs our people, especially our young people, need nor produce the revenues required to protect our essential public services. 

"I intend to work closely with the Minister of Economic Development to spearhead the drive for growth. We must work with the private sector and across government to co-ordinate efforts and target resources so the Island can effectively confront the challenges from competitor jurisdictions.

"My aspiration is to ensure the Island as a whole becomes an enterprise zone committed to promoting innovation and entrepreneurialism and I have tasked my Minister for Economic Development, John Shimmin, to deliver this.

"We must clear away impediments to economic growth - ensuring that our policies and processes facilitate rather than inhibit the future prosperity of our Island.

"The department is developing an effective, long-term international marketing strategy, while encouraging and supporting the further development of local business activities. 

"Under its lead the Island needs to continue to pursue further diversification of the economy, including into new areas such as clean tech and bioscience technology, based upon our established corporate tax strategy to promote inward investment.

"In tandem with this approach, and to help pave the way for it, my government is placing renewed emphasis on the importance of promoting the Island's international reputation and external relationships and this has already started.

"It is government's responsibility to make the overall infrastructure, general environment and its operations more business friendly. We must also ensure that as a nation the public and private sectors invest in our workforce to equip people with the skills they need to get into work, stay in work, develop to their full potential and play their full part in our nation's economic future.

"As we move into 2012 the process of considering our policy options and identifying areas that need thorough discussion, not only in Tynwald but across our community, has begun.

Challenging targets to be met

"The next important steps will be a statement by Minister Shimmin (detailing his proposals for economic development) followed by our Treasury Minister when he unveils his Budget in February. 

"This will set out how government intends to deal with its finances for the 2012/13 financial year and give an overview of the fiscal strategy for rebalancing its spending over the life of the current House of Keys.

"The Budget will spell out the very challenging targets which must be met. Failure to achieve those targets is not an option if we want to protect our core services and maintain a strong and competitive economy.

"In keeping with my pledge to lead an open and transparent government I plan to have the Freedom of Information Bill ready for introduction into the House of Keys during the present legislative session.

"I will also undertake public meetings around the Island so we may discuss together our policies, aspirations and possible solutions. In the year following the February Budget I plan to hold at least four of these meetings.

"There are going to be some difficult times ahead but we have to understand that the world has changed and we have to change with it. We know that things will be tough but we also know that we have the resilience and resourcefulness to address these challenges.

"If government, under my leadership, is to ensure a sustainable and secure future for the Isle of Man, it needs your advice, your support and your continuing commitment to the well-being of our nation. 

"As we move forward, you can count on my commitment to work with colleagues and the community for the greater good of our Island, our people and our economy.

"I hope I can count on yours."  

Allan Bell MHK – Chief Minister

Also see: Island's Chief Minister warns of "challenging" times ahead