The Isle of Man government has unveiled a radical shake-up in the way it promotes its financial services and related industries, which will involve the creation of a new "public private sector promotion model".
This new promotional model will provide for the sharing of resources and funding between all parties, the IoM's Department of Economic Development said in a statement.
The total budget for financial services promotion will be more than £2m and less than £5m, spread out over two years, an Isle of Man spokesman said. This is a marked increase in the budget from last year, he added, without giving further details.
Don't you just love it when the wheels of the international free movement of capital that the Isle of Man facilitates have to be oiled by state subsidy?
The word 'hypocrites' comes to mind.
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The long-term interests of ordinary Manx people are of little concern to the cozy cabal formed between the Isle of Man government and the “finance industry” as more insincerity spews out of the island’s PR and propaganda machine. At least the creation of a new “public private sector promotion model” can only be an improvement on the ghastly and unsafe model that precedes it.
The PSG has previously recommended that people do not to invest or deposit money on the Isle of Man — this advice now extends to recommending people withdraw all existing capital from the island.
Doesn’t the UK’s DTI promote the UK’s core industries ?
I think you’re mistaken. The Isle of Man is a centrally planned economy, planned by a Government who know so much more than our local entrepreneurs, they’re putting them out of business.
(This week DED is choosing to reduce the costs of the finance sector while raising the costs of every other industry).
NB: this years missing information from the IOM Digest of Economic Statistics is the comparison of inflationary rates – the mechanisms which forces local business prices to rise in comparison to the market, while global businesses with presence on the Island can simply absorb.
Simultaneously creating societal inequality – making the middle income and poor poorer, and the rich richer (look at the last 10 years in the IOM Economic Digest, I may do some projection later).
Oh, by the way, today’s Manx Independent has the Chief Minister pushing for an earlier resolution to the VAT negotiation as its creating uncertainty. I suspect he fears a decision before the Election, and wants to make the local population believe its his policy!!!
He’s also negotiating on the basis that the Manx spend so much in the UK (largely because we can’t sustain businesses that don’t do tax avoidance, because our Government is short-sighted enough to make it that way).
The correct answer to all these problems for the Island is to constitutionally commit to the Copenhagen criteria in such a manner as to create good will, as we need that to survive! (this is also the reason why the UK spends so much in developing economies as it knows one day it will be swamped in comparison to the economic might of these countries).
I would stand for election, but the papers are full of Government funded tripe promoting the current incumbents (while attempting to prevent the amount of money candidates can spend on self-promotion). Honest and capable candidates lose out to those promoted through falsehood when there is no institutional transparency!
We have 11 MHKs that should be forcibly removed from Tynwald – those that voted against any Freedom of Information. (And no, I don’t accept that they couldn’t come up with a practical policy as an excuse).
Today’s exercises for Tynwald (60 minutes):
1) List out the successful centrally planned economies in the World.
2) Try to think of examples of competing firms and predict the effects of inflation on them. e.g.
Shoprite (local) vs. Tesco (global)
Local fund manager vs. HSBC
3) Compound the local inflation since 2002 to put a real figure on the damage these “development” policies do.
Forgive the PSG; but your estimate that there are only eleven members of the House of Keys (MHKs) ready for “forcible removal” appears rather low. The PSG supports forcibly removing the lot — starting with the Chief Minister.
That the Isle of Man media is full of election tripe is simply because the government OWNS the media and it does not want its cosy little club in Keys upsetting by a revolutionary like you gaining any power.
Honesty and capability is NOT welcomed by this government!
You should stand for Keys and you will probably win; but you would immediately come under pressure to go “native” and join the “club” – or keep your mouth shut. The government controls EVERYTHING (except the finance industry which is uncontrollable) including the police. It’s a small island, could you endure the inexorable coercion that these people would subject you to?
Until the majority of the House of Keys is populated with “honest and capable” members then the island’s present government will continue its wicked ways unopposed.
Let’s all hope and pray that there are some surprises in the coming election!
The Department of Trade and Industry does not now exist in the UK.
It has been replaced by the DIS — The Department for Business Skills and Innovation which is a government department with a wide remit to get the UK economy growing by support private sector investment, enterprise and innovation.
None of this “support” goes to the UK finance industry – excepting to increase the regulation of this industry against fraud and dishonesty.
The “support” for incompetent and greedy bankers comes from another UK government department called The Treasury.
The Isle of Man government has no room to talk on either subject.
Neither should the Isle of Man government use its tax payer’s money to bankroll the island’s failing financial services industry which is destined for the scrap yard.