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City Mayor highlights Island contribution to UK economy

Thursday, 26 January 2012

Chief minister and lord mayorThe role played by the Isle of Man in supporting the creation of jobs and growth in the United Kingdom economy has been praised by the Lord Mayor of the City of London.

Paying his first visit to the Island, Alderman David Wootton spoke of its importance as a provider of liquidity to the wider British economy, especially through its growing involvement with business in the north west of England and through the City itself.

‘That liquidity will make a major contribution in supporting business in the UK and abroad – and creating jobs and growth’, said the Lord Mayor when he delivered the Chief Minister’s International Lecture at the Sefton Hotel in Douglas today (Thursday January 26, 2012).

Alderman Wootton told guests from the business community that the Isle of Man exemplified just how diverse and dynamic small economies could be, that diversity being founded on the success of the financial and professional services sectors. He said the Island and the City had a ‘longstanding and much valued partnership’.

He said:

‘We share the same values – and the same commitment to the very highest standards of corporate governance – with the UK and the Isle of Man being two of only eight on the OECD white list.’

The Lord Mayor believed the partnership between the Isle of Man and the City would be crucial in helping to create wealth and economic well-being. For the UK and the City he shared Chief Minister Allan Bell’s vision for the Isle of Man of maintaining a prosperous and caring society based on fairness, opportunity for all, social cohesion and quality of life.

Alderman Wootton concluded:

‘We are both small in size – but punch well above our weight in the global economy. We can be justly proud of the standards and governance we demand. And we are also well placed and well able to meet the challenges of the future – and play our part in creating jobs and growth.’

Commenting on the Lord Mayor’s visit, the Chief Minister said:

‘The City of London is hugely important for the Isle of Man and we have been working hard to build the Island’s profile and relationships there. This visit is part of our growing friendship with the City and we are delighted that the Lord Mayor has come to see us so soon after taking up office in November.’

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