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Isle Of Man Welcomes City MP's Endorsement

by Amanda Banks, Tax-News.com, London

08 November 2010


The Isle of Man Chief Minister Tony Brown has welcomed the comments of UK Member of Parliament Mark Field who, speaking recently, urged the coalition government to look toward Isle of Man policy when considering how to rebalance the UK economy.

In a Westminster Hall debate on November 3, Field said the island had successfully diversified its economic base, while maintaining a flourishing financial services sector. The MP for the Cities of London and Westminster added that the UK government should follow the Isle of Man’s example when drawing up its blueprint for the country’s economic future.

His praise for the island’s ‘world-class and high-quality’ niche sectors has been welcomed by the Chief Minister who said:

“This is important recognition of 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 Field’s comments will help to raise further awareness of the Island’s business strengths and pioneering outlook.”

Field, who led Wednesday’s Westminster Hall debate, is a vocal champion of the Isle of Man as ‘a stable, well-regulated and neutral jurisdiction through which to facilitate international and cross-border business.’ He told his Westminster colleagues:

“The UK should perhaps, for example, look at the way that the Isle of Man has quite successfully rebalanced its economy through promoting new growth areas but, crucially, in a way that has not undermined or diminished the importance of its own very important financial services sector.”

“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. In essence, the Isle of Man government have not picked winners at the expense of penalizing other sectors, but have shown that they can build a balanced and diversified economy, while maintaining a strong and thriving financial services sector.”

TAGS: Isle of Man | environment | tax | investment | business | marine | commerce | aviation | financial services | investment funds | international financial centres (IFC) | offshore | e-commerce | manufacturing | offshore e-gaming | alternative investment | services

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