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Island has role to play in economic recovery

Friday, 27 July 2012

The role of the Isle of Man in supporting economic recovery in the United Kingdom and further afield was highlighted by Chief Minister Allan Bell MHK when he addressed a distinguished audience in the City of London this week.

The event was part of the Isle of Man Government’s ongoing programme of engagement with key figures in Westminster and the City. Speaking at the Mansion House, the headquarters of the Lord Mayor of the City, Mr Bell said the fundamental challenge facing the global economy was how to stimulate the growth that was so desperately needed.

He told invited business leaders:

‘It is my view that international business centres such as the Isle of Man can play a small but significant role as catalysts for economic recovery and growth - harnessing and developing opportunities for growth, not only for ourselves but also for the benefit of our neighbours and our partners. As a strategic commercial partner, the Isle of Man is already making a significant contribution to the economy of the United Kingdom – particularly the City and the Northwest.’

The Chief Minister’s message to the audience was that the Isle of Man wants to work with UK business to find and make the most of further opportunities for economic growth. The event, hosted by the Isle of Man Government, follows a visit to the Island in January this year by the Lord Mayor Alderman David Wootton, who delivered the Chief Minister’s International Lecture to a local business audience at the Sefton Hotel.

In his speech the Chief Minister referred to recently published research from Ernst & Young indicating that the Isle of Man is well positioned to help foster the United Kingdom’s growth strategy and to strengthen the UK’s commercial relationships with emerging economies.

Mr Bell commented:

‘In other words, growing the UK and Isle of Man economies are complementary activities.’

The Chief Minister was accompanied at the Mansion House on Wednesday by Treasury Minister Eddie Teare MHK and Economic Development Minister John Shimmin MHK.

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