Presentation on theme: "Department of Economic Development The Changing International Agenda and the Positioning of the Isle of Man."— Presentation transcript:
Department of Economic Development The Changing International Agenda and the Positioning of the Isle of Man
Environment Backdrop No Man is an Island Unprecedented Pressure on UK and EU Flight of Money East EU and isolation of the UK US $15 trillion and rising (Precipice) Ageing Population K2, Jimmy Carr, Starbucks, Gary Barlow
Pressures to Come Legislation FATCA US & UK Independent Commission on Banking Solvency II – competiveness of the IOM AIFMD – Future of the Funds Industry GAAR – Changing face of Offshore EU – combating tax evasion Automatic Exchange of Information Many more...
Statements of Intent 1.We will energise the Island’s ability to innovate and create our new future industries. 2.We will forge new sustainable relationships with other countries and business partners. 3.We will reduce bureaucracy for businesses. 4.We will support local businesses to promote the Island in target markets. 5.We will help young people to find meaningful employment. 6.We will broaden the school curriculum to provide more opportunities for vocational learning. 7.We will work with the construction industry to meet the Island’s housing needs. 8.We will bring ‘Isle of Man. Where you can’ to life for Government in all that we do. 9.We will use our natural resources to work towards building a post carbon fuelled Island. 10.We will acknowledge and promote the economic value of our arts, culture and heritage. Allan Bell, MHK, Chief Minister Autumn 2012
Face the Facts Our World has changed...in 2000!!! Cannot dodge bullets forever Traditional business erodes...t’was ever thus! New products and markets needed Stop bemoaning and embrace future “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
Pressures to Come Start -Planning for wider Exchange of Information -Competing Internationally / particular West & East -Innovating to new markets based on physical presence Continue -Fast adoption -Change management -IOMG and private sector engagement Stop -Protecting the minority at the expense of the majority -Assuming markets today will be there tomorrow – they wont
Critical Success Factors Focus 1.Build vibrant and sustainable Professional Services 2.Drive the expansion of the real economy 3.Rejuvenate traditional industries 4.Embrace innovation and seek incubation opportunities 5.Support trading internationally. (Country Strategy) 6.Common goal. Common Experience. )Where You Can)
Examples I 1.Banking: Compliance to Vickers which provide ability to welcome new UK and Overseas Banks. Make money and they will come. 2.Insurance: Decision from industry on bifurcation and Solvency II. Provide incentives that IOM is centre to consolidate to. 3.Funds: Negotiate regime with UK for participation post AIFMD. Focus on new managers and ensure regulations reflect this fact.
Examples II 1.Pensions: Respond to tax changes from other centres to ensure that the IOM has level playing field. 2.Fiduciaries: Support for FATCA and then on exploiting opportunity GAAR presents for real presence. Broad church, help broaden further. 3.Tourism: Cheaper trips to IOM “The Sun £9:50” based on VFR and Activity Breaks. Why not? 4.Retail: Internet is the future so why not assist people on fulfilment?
Examples III 1.Innovation: Scheme expanded to cover other types of support. Grants, Loans, Relocation, Investment, etc. 2.Incubation: Financial Square Mile concept, Technology Park, BioTech Focus, office space support. 3.Internationally: expanding country focus with better targeted visits and presence. Rep office “writing” new business in new locations like Singapore. Right international solution.
Examples IV 1.Where You Can: does this mean here or from here? Language skills and formats 2.Agreements: Do we await the future lock outs or embrace the international community and look for further reaching partnerships. UK and EU gateway. 3.Energy: we have resources which have been identified for years. With oil at a premium now cost effective...? Time for action.
Pipe Dream? No.
ContactJohn Spellman Director of Financial Services Tel: +44 (0) Web: LinksFinancial Assistance Scheme: Isle of Man Business Incubator: Isle of Man Business Centre: