Jobs boost plan to increase Isle of Man's working population

The strategy sets out plans for the next 10 to 15 years

A plan to boost the Isle of Man's economy by creating more jobs and growing the island's workforce has been revealed by the chief minister.

The draft Isle of Man Economic Strategy aims to raise GDP to £10bn by raising the number of workers on the island.

Island businesses would also be supported to increase productivity, leading to the creation of 5,000 jobs.

Alfred Cannan said that while the economy was in "reasonably good shape" changes were needed to prevent decline.

The plan would feature a £100m fund as a catalyst to create a £1bn long term investment in new infrastructure by the public and private sectors.

The proposals aim to increase the government's annual income by £200m, including a new taxation strategy. No further details of this have been made clear at this stage.

Under the plans, the number of residents on the island would grow from 84,000 to 100,000 by 2037.

The moves would dovetail with the government's commitment to reducing the island's carbon emissions by 35% by 2030.

Those plans would include leasing the seabed for offshore wind energy projects.

Alfred Cannan said changes were needed to prevent future decline

The strategy follows a government-commissioned review of the island's economy.

Mr Cannan said the change in economic model was needed as projections had shown the cost of the island's aging population was set to outstrip the income received by those who remain at work.

The latest census showed 8,827 of the island's overall population are over the age of 70, with a further 10,667 due to have reached that age within the next 15 years.

The strategy offered a "once in a generation opportunity to seismically shift the future direction of the Isle of Man's economic outlook", Mr Cannan said.

"Global challenges such as digitisation, taxation and increasing demand for skilled workers are highlighting the precarious nature of our current economic situation," he added.

The plans will be detailed further and put out for full consultation later this year.