The Isle of Man’s leadership on tax transparency has served to enhance its international reputation, according to the head of the UK’s premier business lobbying organisation.
John Cridland CBE, Director-General of the Confederation of British Industries (CBI), said the Island’s willingness to embrace transparency and openness had helped it to turn a corner in terms of public and political perception.
He also recognised the Isle of Man’s positive contribution to the City of London and the wider global economy, saying ‘the Island punches well above its weight around the world.’
Mr Cridland, described as the ‘Voice of UK Business’, was in the Island this week to deliver the Chief Minister’s International Lecture.
He offered the audience his unique insight into the UK’s economic recovery and outlined the issues that need to be addressed in order to maintain optimism.
He said:
‘To sustain economic growth it is absolutely vital that we win the battle for public confidence. People just don’t trust big business. Businesses must reconnect with their locality and speak the language of their consumers.’
Mr Cridland also shared his views on the value of Britain’s membership of the European Union, the Scottish independence vote and the need to focus on medium-size businesses with the scope for rapid expansion.
Commenting on the Isle of Man’s position, he added:
‘The Island has weathered the turbulence of the last few years and emerged in good order. You are experiencing your 30th consecutive year of economic growth and provide an excellent example of a Government and the private sector working together for mutual success.’
Chief Minister Allan Bell MHK highlighted the importance of inviting speakers of the calibre of John Cridland to share their views with leading members of the Island’s business community.
He said:
‘From an Isle of Man perspective it has been refreshing to hear John’s opinions about competitive corporate tax systems such as ours and how they can stimulate investment and secure long-term growth. John recognises the value of the Isle of Man’s close working relationship with the City and how businesses here attract investment into the UK from around the world. The support of such a trusted business commentator can only help to raise the Island’s profile and to counter the misconceptions that are still held by many, both in the UK and further afield.’
The Chief Minister added:
‘Growing the economy remains at the very heart of my vision for the future of the Isle of Man and we are continuing to work hard to create the right foundations for business to flourish. Business today is truly international and we must have an understanding of the global environment in which the Island competes for new investment. That is why I was particularly pleased that John accepted my invitation to deliver this year’s international lecture.’
