IoD on key 2016 challenges

No time for 'political posturing', says director

The Island cannot afford nine months of inactivity and political posturing.

That's the view of the chairman of the Isle of Man Branch of the Institute of Directors.

Clive Parrish has told members that whilst the general election is the key event of 2016, it's important that they remain focused on growth and the continuing development of the Island's economy.

He says the IoD remains cautiously optimistic for the Island's future, albeit finding a solution to the pension problem remains the elephant in the room.

In his look at the challenges ahead for 2016, Mr Parrish calls the launch of the Economic Development Fund "exciting", adding it will be interesting to see what impact it has on inward investment.

He says it's good to see the government's renewed commitment and ongoing support for the micro and small business grants schemes and adds that it will be interesting to see what happens in the bio-tech, e-commerce and gaming spaces.

He says these could be key to future growth.

Work being done by DED to reboot the finance sector will also be carefully watched by the IoD.

However, Mr Parrish believes the cost and convenience of business travel to the Island is possibly the biggest challenge it faces, with opinions of executives likely to be "seriously affected" by lengthy journeys or delays.