The chief minister has been reflecting on what he calls 'the double whammy of shocks' during the past five years.

The annual update on the Manx government's strategic plan will be Tony Brown's last formal report to Tynwald in his capacity as the Isle of Man's top politician, during the current administration.

In the foreword Mr Brown talks about the challenges posed by the collapse of Kaupthing Singer and Friedlander in 2008, and the United Kingdom's first revision of the Island's VAT revenue sharing arrangements a year later.

But he stresses the positive in the way his administration has performed overall.

He refers to the savings made during the past year - ?11 million more than the original ?40 million target - and the transforming government programme which, he says, will increase efficiencies and put the public customer first.

Mr Brown believes the fact the Island has avoided going into recession during a time of economic turbulence is a strong indication of success in maintaining business confidence, while dealing with a range of internal and external challenges.

In conclusion Mr Brown says there is much to be optimistic about, and is hopeful the changes the present government has put in place will secure a good future for the people of the Isle of Man.

The report will be debated by Tynwald at the July sitting, which starts next Tuesday (July 12).