Treasury Minister Dr Alex Allinson MHK has welcomed the annual report on the Isle of Man Government’s financial standing from the international credit ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position and maintains the Island’s current credit rating, which remains Aa3 stable, the same as the United Kingdom’s.
Moody’s notes the Island’s low debt and substantial reserves, track record of robust growth and an economy which benefits from more diversification than many other economies of a similar size, supported by pragmatic government policies.
The report identifies access to skills among the workforce as one of the main challenges facing the Island, along with global political uncertainty and market volatility.
The Treasury Minister (pictured) said: “The latest report provides a positive independent snapshot of the Island’s economy, assessing clearly what we’re doing well and where challenges may arise.
“Of particular note is the recognition that the Island possesses a “robust and transparent institutional framework” in terms of governance, in addition to pragmatic policy-making and prudent fiscal policy.’
He added: ‘While strengthening the existing workforce is highlighted as a challenge facing the Island, this is being addressed through the implementation of the Economic Strategy, with over 570 more people in employment during 2024.
‘In terms of revising the tax system, the Isle of Man has a strong history of working with international bodies to implement global standards of transparency and taxation, as evidenced by the Island’s recent implementation of 15% global minimum tax for large multinational enterprises.’