Chamber of Commerce sends Tynwald two papers on economic growth

The Isle of Man Chamber of Commerce has written to every member of Tynwald enclosing two documents that describe what it wants Chief Minister Chris Thomas’s government to focus on in order to grow the economy, Energy FM has reported.

The papers are called Future Economy Framework and Conditions for Growth. Both can be read on the Chamber’s website.

The Conditions for Growth paper lists 10 priorities, which are, in order:

• Making sustainable economic growth the first aim
• Building a world-class setting for business
• Modernising how government delivers services and takes decisions
• Developing a skilled, talented and future-ready workforce
• Speeding up the knowledge economy, innovation and human capability
• Freeing up housing and population growth to underpin the economy
• Developing a strong international proposition for the island
• Investing in the infrastructure and connectivity that growth depends on
• Strengthening economic intelligence, data and accountability
• Shaping tomorrow’s economy

Energy FM said the Future Economy Framework drew on focus groups, workshops and three roundtables held with the Chamber’s principal sponsors. Those sessions looked at how ambitious the island’s economy ought to be, what firms need in order to expand, and who should take ownership of delivery.

Chamber President Claire Watterson said the papers set out “the business community’s thinking on what the island needs to support sustainable economic growth”. She added that they also considered how that aim could become practical action.

She called growth “a whole-of-government responsibility” and said Tynwald members had a significant role in shaping and scrutinising policy and in making sure the island felt the benefit of progress.

According to Ms Watterson, the framework pictures government setting clear priorities while industry contributes commercial insight. Departments would cooperate to create conditions in which businesses can invest, grow and raise productivity.

She said the method starts by agreeing what the system is meant to achieve, and only afterwards decides which structures are needed to deliver it.

Energy FM’s report, published on 24 October, carried no response from the government.