Isle of Man Guide

THE value of the Isle of Man’s contribution to the UK economy via the City of London was highlighted by City MP Mark Field when he delivered the Chief Minister’s International Lecture yesterday evening (Thursday February 3, 2011).

Speaking to invited guests at the Palace Hotel in Douglas, the MP for the Cities of London and Westminster urged the Island to continue promoting its positive role as a well-regulated small international financial centre (IFC) driving global business into London.

Mr Field said:

‘The Isle of Man adds enormous value to Britain’s international offering.'

He also praised the way the Island had diversified its economy into sectors such as shipping, aircraft registration, film and space: ‘They have meant that the Isle of Man brings into a British sphere of influence some very important strategic global business. And this is business that would otherwise have gone to Singapore, Hong Kong or the USA.’

Mr Field, whose lecture was entitled ‘Rebalancing the Debate Around International Financial Centres’, argued that small IFCs had been caught up in public and political hostility to the financial services industry following the global banking crisis; but the debate about such centres was ‘totally one-eyed’ with no understanding of their benefits to the UK and global economy.

He said:

‘Small IFCs such as the Isle of Man have repeatedly had to put up with unfair political attacks and misguided criticism.'

Mr Field went on to rebut what he called the ‘five myths’ about small IFCs: that they had a negative impact on global economic growth; that they had contributed to the global financial crisis; that they engaged in harmful tax practices; that they had a negative impact on transparency, regulation and information exchange; and that they did not benefit developing countries. He concluded by stating that global competition was an opportunity for the Island:

He added:

‘The reputation, expertise and sheer energy of the Isle of Man give you a tremendous competitive advantage, and now is the time to use it. The Isle of Man has a great story, so let’s get out there and tell it.’

Introducing Mr Field, Chief Minister Tony Brown MHK said this was the sixth event in the International Lecture series:

‘Our guest tonight is well acquainted with the Island. He already understands much about our economy, our place on the global stage and our determination to maintain a stable and successful future despite an internationally turbulent economic environment. Outside these shores Mark has been one of the leading voices in support of the Isle of Man. He has spoken persuasively about the importance of the Island’s economic diversification strategy and our mutually beneficial links to the City of London, the constituency which he represents forcefully in Parliament and in national debate.’

More stories >>>