'The Isle of Man's economy remains in good shape despite
hard buffeting from the turmoil in the international
markets.'
This was the key message from Treasury Minister Allan Bell:
'The Island is not in recession; the economy is still growing;
business is still coming in; banks are still recruiting and we
still have near record numbers in employment. Overall the Isle of
Man remains very robust in comparison with any other jurisdiction,
either large or small.'
His remarks were made during his most recent Budget Speech and
in light of rating agencies Standard & Poor's and
Moody's recently renewing the Island's triple 'A'
credit rating [which is the highest they can award].
'Continuing to maintain a top rating reflects the
Government's astute management of the economy, in particular
the ratio of reserves to public spending. The Isle of Man
Government is required by law to budget for a surplus, which is
currently estimated at £14 million,' he said.
