THE Chief Minister has welcomed comments from a UK politician about the Isle of Man's thriving Manx economy.

In a Westminster Hall debate on Wednesday Mark Field MP for the Cities of London and Westminster said the Island had successfully diversified its economic base while maintaining a flourishing financial service sector.

He said the coalition government should look towards the Isle of Man for inspiration on how to rebalance the UK economy.

Tony Brown MHK said: "This is important recognition for our efforts to provide a well balanced and resilient Manx economy.

"The Isle of Man Government is a leading international business centre that makes a significant contribution to the City of London and wider global economy.

"We have a very positive message to tell the world and Mr Field's comments will help to raise further awareness of the Island’s business strengths and pioneering outlook."

In the debate at Westminster Mr Field told colleagues: "The Isle of Man has embarked upon a diversification drive that has built a thriving hub for high-tech manufacturing, including aerospace, which of course has strong links to the north-west of England economy.

"It has created a propitious environment for world-class e-gaming companies, it has established world-class high-quality aircraft and ship registers, and created a diverse and thriving space commerce sector, with many of the world's leading operators established on the Island.

"Crucially, it has also continued to support - very vocally - and promote its successful financial sector, which is wholly compatible with, and supports, other sectors of its diversified economy."

Mr Field concluded: "In essence, the Isle of Man Government have not picked winners at the expense of penalising other sectors, but have shown that they can build a balanced and diversified economy, while maintaining a strong and thriving financial services sector."