First Annual Report for ambitious ‘Our Island, Our Future’ Isle of Man Economic Strategy published

21 December 2023

The Isle of Man Government have today published the first annual report for the Isle of Man’s Economic Strategy, indicating progress towards the 10-15 year vision to ensure the future security, sustainability and vibrancy of the economy.

The 2023 Annual Report provides an overarching view of the Isle of Man’s current economic indicators and early progress towards the long-term ambitions detailed in the Economic Strategy, alongside example initiatives which have been funded by the Economic Strategy Board throughout the year in support of these ambitions.

The Economic Strategy Annual Report 2023 will be presented to Tynwald at the January 2024 sitting and is publically available on the Tynwald Register of Business.

Alfred Cannan MHK, Chief Minister, commented:

‘The finalisation of the Economic Strategy in November of last year was a significant moment for this Government, setting out our high level ambitions to secure the future resilience and prosperity of the economy for our people and our Island.

‘Subsequently the Island Plan distilled these ambitions, and set out a roadmap of achievable actions and targets for this administration aligned to our vision.

‘With ambitious targets in place, it is imperative that we are measuring our progress towards these goals. This Annual Report demonstrates how the Economic Strategy Board has been working cross-Government to drive forward projects in support of our overarching ambitions.

‘There remains much work to do in the coming months and years ahead as we continue towards our goals, with the full value of these initiatives expected to benefit our Island over the long-term for future generations to come.’

Dr Alex Allinson MHK, Treasury Minister, commented:

‘The Economic Strategy lays out a clear framework of investment into our future economic prosperity, backed by the £100m Economic Strategy Fund put in place in 2022 to accelerate progress and support key initiatives.

‘Through the Economic Strategy Board we are ensuring a committed focus on long-term economic sustainability, and securing and developing public finances in order to invest in higher quality public services and improve the quality of life and experience for all our residents.

‘While the Isle of Man has undoubtedly faced a number of economic challenges, in particular in relation to the cost of living, throughout 2023, indicators of economic strength continue to be positive. This year we have recorded growing numbers of people employed, new housing developments going through planning approval, and increasing tax receipts, to name a few.

‘This is only the first Annual Report for this 10-15 year Economic Strategy. The work of the Economic Strategy Board will continue, aiming to ensure our Island’s economy is prepared in the face of future headwinds, and that we are continuing to invest in building a more secure, vibrant and sustainable future for the Isle of Man.’