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Department of Economic Development’s response to the Isle of Man Budget 2015

18 February 2015

Following the Treasury Minister’s Budget speech the Minister for Economic Development Laurence Skelly MHK commented:

‘I am confident that this Budget will help us drive further economic growth and job creation.

‘Protecting and creating jobs is our priority – and we are seeing growth in the number of jobs in both our export sectors (such as Financial Services and E-Business) and our domestic sectors (such as retail and construction). As a result, our outlook is good.

‘E-Business is our fastest-growing sector, creating 100 additional jobs in 2014, half of them with direct support from my Department. We are forecasting similar growth in 2015.

‘The Visitor Economy continues to grow – the number of Leisure Visitors increased by over 10% during 2014 alone – with good prospects for new hotels and potential for the TT Series.

‘The 6% rise in Government’s Capital Programme will provide a welcome boost for our local construction sector and represents a significant investment in our infrastructure.

‘It is therefore vital we give our people the skills needed to pursue the diverse job opportunities we are creating. Government is working closely with the private sector on a range of initiatives which can make a real difference, from more apprentice programmes to the exciting developments at the Nunnery.

‘Given this positive outlook we expect real wages to rise this year, which will be a welcome boost for many households. This is supported by a range of factors including falling unemployment, low inflation and the above-inflation rise in the minimum wage last October.

‘This increase in household incomes should lead to increased consumer spending which will also boost our domestic economy.

‘In closing, I think we have good reason to be confident in our economy and our people.’

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