The Manx government is not overly concerned about the possibility of a finance industry exodus, following HSBC's recent announcement that it would be outsourcing its back-office jobs to India, according to Manager of Training and Employment at the Department of Trade and Industry, Steve Woodward.
Speaking to the Isle of Man Online news service this week, Mr Woodward revealed that although the DTI does not intend to be complacent about the potential job losses, it is understood that the cutbacks are to be phased over several years, and it is hoped that the newly announced zero corporate tax rate will attract new business to the Island.
He added that the Isle of Man currently has the additional cushion of full employment.
'We don't know quite what the scale of the problem might be but in most sectors I think the local job market can absorb anything that's ever been offered up...What would, of course, cause a problem is if one specific sector shed a significant number of jobs all at one time, but I think we are fairly well prepared in that whatever eventuality occurs we can very quickly organise to cover it.'
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