Department of Economic Development Strategic Review
During the first part of 2017 the Economic Development commissioned a high level strategic review of the Department to establish how it could effectively support the Government’s ambition for economic growth, which it has now concluded.
The review included a significant level of external and internal input as well as research carried out by PWC into nine similar economic jurisdictions. The report makes six specific recommendations:
- The Department should remain in place as an essential enabler of our economic ambitions – there are many great foundations in place and committed staff in support of economic development.
- A new Economic Strategy & Policy function should be developed to focus on understanding, planning and ‘creating the environment to enable our economy to flourish.'
- Four new Business Development Agencies should be developed – ‘Finance’, ‘Digital’, ‘Business’ and ‘Visit’. They will work with specific industries, entrepreneurs and innovators in understanding and creating the right climate and conditions for success and growth, thereby ensuring that ‘the Isle of Man is the place where you can.'
- The four principal Registries for Companies, Central, Ship and Aircraft should remain as the third critical pillar of the Department.
- To enable the Department to have a clear focus, a number of existing functions will move to other Departments in Government where additional public value can be created.
- Management of the Villa Marina and Gaiety Theatre will be transferred to the Department for Education, Sport and Culture
- ‘Training Services’ will be consolidated with adult education in the Department for Education, Sport and Culture
- Treasury’s Social Security division will take on ‘Employment services’
- Energy policy will switch to the Department of Environment, Food and Agriculture
- Mining and Minerals operations will be transferred to the Department of Infrastructure.
- In recognition of this refocus, the Department will be renamed the ‘Department for Enterprise’ signalling a clear emphasis on supporting enterprise in line with the ‘Programme for Government’s’ national ambition to be ‘An Island of Enterprise and Opportunity’
The restructure will reduce the Department’s size by around a quarter, moving it towards a net neutral financial position. The new structure will see some staff moving from the Department and a number of job functions changing.
The restructure will now be further developed over the summer with a planned, phased roll-out of the new structure starting from October 2017.
Copies of the Department of Economic Development Strategic Review are available.