Mediaboss Marketing

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.

Read the rest here:
Chief Minister welcomes findings of Ernst & Young economic study into Isle of Man