I was asked the other day what I would do if by some very odd chance (of which the probability is zero) I became First Minister of the Isle of Man this October.
Five policies were requested. Here they are, plus a few more:
1) I would adopt Plan B for Jersey - as they have not used it. This would set the Isle of Man on the whole knew economic trajectory, unique to it, which would give it a distinct selling point in the world's financial services industry for time to come. When its existing business model is failing that seems to me to be absolutely essential, if only to buy a transition period to a better long-term economy.
2) I would offer full automatic information exchange to all countries with adequate human rights records to demonstrate that the Isle of Man walls now an economy that was open, transparent and accountable. A new policy of requiring that all accounts of all companies incorporated in the island be put on public record would go along with this, and a register of trusts would have to be created.
3) I would remove the cap on income taxes in the island.
4) I would increase income taxes on the island as an essential step to closing the budget deficit.
5) I would open urgent talks with the European Union to ensure that a successor to the zero 10 tax regime can be put in place as soon as possible, and would accept that this would, inevitably, involve positive income tax rate on corporate profits. I would, in the first instance, propose an increased tax rate on all financial services profits generated in the island.
6) In exchange for the new openness and cooperation with the United Kingdom I will be looking for a reciprocal agreements on tourism and transport links to make the island more accessible.
7) An immediate programme of research into the creation of new wealth generating opportunities on the island would be a priority: an industrial policy to the Isle of Man is needed.
8) Energy policy is vital to the island's future: it does have territorial waters, it does have the means as a result to make claim to revenue arising from them, and there is a basis for negotiation as to how it can use that resource to enhance its current position, whether that be from existing energy sources or from new ones such as tidal flows.
9) The Island could do what Iceland has suggested it might - but has not done - and become a publishing centre for information that needs to be in the public domain that is hard to publish elsewhere by exploring whole new areas of intellectual property law designed quite deliberately to increase transparency and accountability. This is a whole new area in which the island could exploit its opportunity as a jurisdiction in a way that is beneficial rather than harmful.
10) Controversially, perhaps, I would be very aware of the risk the UK's nuclear industry creates for the island. But, that is something I would seek to potentially exploit for the island's advantage. Can revenue be generated from this risk, which exists now, like it or not, but over which the island might want some control?
That's more than five. It will do for starters. Plenty could follow.
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And harmonise Isle of Man law with UK law.
Particularly in the areas of company law, fair trading, consumer protection and trade description.
The island is in a mess and Richard Murphy is the person to clean it up.
Needless to mention you have 100% of the PSG vote!
Not just company law but all Civil Law. The Isle of Man has a rather insidious legal system that lines the pockets of over 200 Manx Advocates to the extent that their charges are amongst the highest in the British Isles. The vast majority turn their noses up at £150 per hour Legal Aid.
The Isle of Man loves its secrecy, even in the Legal System. There are no Court Lists displayed at the courts (UK Courts also publish these on the internet). It is not unknown for Court cases to mysteriously adjourned if a member of the public walks into the court public gallery.
It’s a damn shame there isn’t an equivalent RM type legal campaigner.
Or we could force a split from the British armed forces with full independence (would save some money) and position a Russian or Chinese military base here,probably get free defense as a result (the Russian are currently arguing with Canada and others for oil rights ,a nice midway storage facility and naval base would come in handy, save having to go back and forth all the time,might get cheap fuel as a result aswell).As China seek to expand to places further west with buisness and investment, a legal military facility in this corner of the world might be of real benefit to them to enforce their position.
Speaking of EEZ`s ,with independence the sea territory would have to revert to a midway point between the two places (as is the international law) which is right where the planned wind farms are to go, that would have to be renegotiated,plus there are possible oil deposit rights.
We could legalize most drugs, grow them in abundance and sell for cheap (undercut).
Might be an idea to source a bulk discount from Irish,American,Canadian etc. universities for some or most of our students as the current fees are paid at the full international rate unless the student`s parents are English etc. There might be a better deal on offer.