Manx Contribution To UK Economy Highlighted

by Jason Gorringe, Tax-News.com, London

31 January 2012

The role played by the Isle of Man in supporting the creation of jobs and growth in the United Kingdom economy has been praised by the Lord Mayor of the City of London, David Wootton, during his first visit to the island.

Wootton spoke of the importance of the Isle of Man as a provider of liquidity to the wider British economy, especially through its growing involvement with business in the north west of England and through the City itself.

“That liquidity will make a major contribution in supporting business in the UK and abroad, and creating jobs and growth”, Wootton said delivering the Chief Minister’s International Lecture at the Sefton Hotel in Douglas.

Wootton told guests from the business community that the Isle of Man exemplified just how diverse and dynamic small economies could be, that diversity being founded on the success of the financial and professional services sectors. He said the island and the City had a "longstanding and much valued partnership" and went on to say: “We share the same values - and the same commitment to the very highest standards of corporate governance”, particularly in the area of tax transparency.

Wootton stated his belief that the partnership between the Isle of Man and the City would be crucial in helping to create wealth and economic well-being.

Wotton concluded: "We are both small in size - but punch well above our weight in the global economy. We can be justly be proud of the standards and governance we demand. And we are also well placed and well able to meet the challenges of the future - and play our part in creating jobs and growth."

Commenting on the Wootton's visit, the Isle of Man Chief Minister, Allan Bell said: "The City of London is hugely important for the Isle of Man and we have been working hard to build the Island’s profile and relationships there. This visit is part of our growing friendship with the City and we are delighted that the Lord Mayor has come to see us so soon after taking up office in November."

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