Mediaboss Marketing

04 June 2012

The Isle of Man's positive contribution to the global economy, and in particular to the City of London, has been examined a recent report from Ernst and Young.

The government-commissioned report aims to independently substantiate the benefits that international financial centres provide for advanced nations, and to the financial health of the global economy.

The report says that the United Kingdom, a key beneficiary of the Isle of Man's activities, for instance, benefited from USD38.9bn in net financing from Isle of Man sources during the second quarter of 2011, according to Bank of England statistics.

The report further finds evidence of the strong contribution the island makes to the UK's regional development, in particular in the North West where the Isle of Man Aerospace Cluster plays an important role in the growth of the UK's aerospace industry. The report found that the Isle of Man and the United Kingdom should maintain a symbiotic relationship in recognition of the Isle of Man economy's supportive role in balanced growth in the United Kingdom.

The report also recognizes the positive impact on global economic growth of highly-diversified, innovative economies, such as the Isle of Man. The report says: International Business Centres (IBCs) play a key role in contributing to investment, employment and growth in neighbouring countries in particular, and the global economy in general. The report goes on to suggest that the island has led the way amongst IBCs in establishing a modern regulatory system aligned to world best practice, with a conducive environment for strong economic productivity, through the island's internationally-recognized low-tax, and robustly-regulated regime.

Commenting on the Report, John Hopes, Partner at Ernst and Young said: The report demonstrates how the Isle of Man supports UK economys growth and its financial sector. This should not be underestimated. Our report clearly demonstrates the mutually beneficial relationship which exists between the Isle of Man and the UK. The strong economic partnerships between the Isle of Man and the North West, in particular, show the important role the island plays in stimulating growth. At a time when the UK is trying to rebalance its economy... these partnerships are of great importance to the UKs growth prospects.

Welcoming the report, Chief Minister Allan Bell, added: This report provides an objective view of the Isle of Mans economic strengths and the significant contribution we make to the global economy. It also emphasizes the islands vital role, particularly since the credit crunch of 2008, as a provider of financial flows to UK and international markets in three main areas: liquidity, listed companies and investment.

The rest is here:
IoM Plays Key Role For UK Economy

by Richard Parslow

An independent report published on last Friday (June 1) provides further evidence of the Isle of Mans positive contribution to the global economy.

The Economic Research Report, commissioned by the Isle of Man Government and produced by Ernst & Young LLP, describes the Island as a key commercial partner that delivers many benefits to the international community, to the UK, and City of London in particular.

The report finds compelling evidence of this contribution by showing that the Island provided $38.9 billion in net financing to the UK in the second quarter of 2011, according to Bank of England statistics.

The Islands progression from a largely rural economy into a diversified and thriving International Business Centre (IBC) is highlighted, along with its position at the forefront of regulatory standards.

The report also counters critics who claim that IBCs cause distortions in the global economic and financial system, saying a large body of independent research has strongly proved the opposite is in fact true. It adds: IBCs play a key role in contributing to investment, employment and growth in neighbouring countries in particular, and the global economy in general.

The Ernst & Young report is based on a robust and independent analysis of the facts and data, and the results of a series of interviews with key stakeholders.

The findings provide solid evidence that the Isle of Man is a responsible and transparent country that benefits the UK and emerging world markets.

Chief Minister Allan Bell MHK said: This report provides an objective view of the Isle of Mans economic strengths and the significant contribution we make to the global economy. It also emphasises the Islands vital role, particularly since the credit crunch of 2008, as a provider of financial flows to UK and international markets in three main areas: liquidity, listed companies and investment.

He added: One of the overriding conclusions from the report is that the UK and Isle of Man benefit from each others success, and it is in the best interests of the UK to see the Island do well. This is a message we will continue to deliver to UK Government Ministers, MPs and business leaders in Westminster and the City of London.

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Chief Minister welcomes findings of Ernst & Young economic study into Isle of Man

Practice week of the 2012 Isle of Man TT has drawn to a close with 17-times TT winner John McGuinness at the top of the timesheets ahead of tomorrows six-lap Superbike race.

The week began well for the Honda TT Legends, with McGuinness setting the fastest laps in dry and sunny conditions in the first three superbike sessions. By Wednesday the Morecambe Missile had broken the 130mph barrier with a 130.079 lap that remained the fastest of the week.

Thursdays superbike practice was cut short due to sea mist, while the final session on Friday was cancelled after an oil spill at Barregarrow.

"We hit the ground running this week" said McGuinness. "We went out there on the first night when the conditions were great and we just got stuck in.

"I didnt feel like I was sticking my neck out, I was just hitting all the apexes and cruising around feeling really relaxed. I was hitting 128s, 129s, 130s so were definitely in the ball park." he explained.

"Its not going to be easy but Im ready to race and Im well up for it. Im starting number one so its just down to me, the stop watch and the track and hopefully we can stand in the winners enclosure.McGuinness concluded.

Superbike Fastest Laps [All Sessions]: 1. John McGuinness [Honda] 17:24.20 130.079mph 2. Bruce Anstey [Honda] 17:28.33 129.566mph 3. Cameron Donald [Honda] 17:32.32 129.075mph 4. Guy Martin [Suzuki] 17:34.02 128.866mph 5. Michael Rutter [Kawasaki] 17:40.56 128.072mph 6. James Hillier [Kawasaki] 17:42.73 127.811mph

Monday, June 4 Monster Energy Supersport TT Race 1 Sidecar Qualifying Royal London 360 Superstock TT Race

Wednesday, June 6 SES TT Zero Challenge Monster Energy Supersport TT Race 2 Sure Sidecar TT Race 2 Senior Qualifying Lightweight Qualifying

Friday, June 8 BikerPetition.co.uk Lightweight TT Race PokerStars Senior TT Race

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John McGuinness fastest ahead of Superbike Isle of Man TT

Breaking news York woman killed in Isle of Man bike crash

5:28pm Saturday 2nd June 2012 in News By Mark Stead, mark.stead@thepress.co.uk

A WOMAN from York killed in a motorbike crash on the Isle of Man has been named.

Amanda Heather McNichol, 49, died at the scene of the accident in the early hours of Wednesday.

She had been riding as a pillion passenger when the collision happened at about 6.55am near the approach to a roadside marker called the 32nd Milestone on Mountain Road on the island.

Police say four motorcycles - three Hondas and a Yamaha, which were all heading towards Douglas at the time - were involved. Another pillion passenger was taken to hospital with serious but not life-threatening injuries.

The road was closed for several hours after the collision and police have since issued an appeal for witnesses to come forward, particularly a group of bikers parked near a bend in the road.

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York woman killed in Isle of Man bike crash

1 June 2012 Last updated at 08:49 ET

Thousands of motorbike fans are arriving on the Isle of Man ahead of the TT races which start on Saturday.

About 13,000 motorbikes are booked to arrive during the festival, the highest number since the 2007 TT centenary celebration.

An extra ferry has been chartered and temporary accommodation has been built at the Grandstand in Douglas.

Visitor Jim Scott told the BBC: "Coming to the TT races has always been on my bucket list."

He added: "My pal and I love the atmosphere, it's a bikers' paradise and the atmosphere is brilliant."

The TT festival and Christmas are the two bookends of the year

Research undertaken by the department of tourism shows the TT festival is more well known around the world, than the Isle of Man itself.

TT and Motorsport manager Paul Philips said: "For the Isle of Man, the TT festival and Christmas are the two bookends of the year.

"The races have a huge following, they are hugely important because they give the island international fame."

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Thousands on Isle of Man for TT