Island is warned it cannot afford to increase taxation

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ONCE again we have reported in the press a loss to the government of the Isle of Man, and thus to the taxpayer, this time of £14 million, on the Manx film industry.

Unfortunately, every year or so we find that for one reason or the other there seems to be a continuing trend of losses in so many areas which it seems the current systems in place are unable to eliminate.

One wonders how much money is lost or wasted which never comes to the notice of the public and press. These losses come about for a number of reasons, be they bad management, policy or bad luck. Something must surely be done to minimise the damage that these are causing and will increasingly continue to do in a period of increasing costs and, in all probability, reducing income for the Manx government.

The Isle of Man, if it is not careful, could be in danger of losing all of those advantages that were brought to the island by Sir John Bolton and his fellow MHKs all those years ago when he introduced the policies including the right to decide the island’s own taxes.

This resulted in increasing prosperity for the island and its people, who were going through very difficult times, many more people having to leave the island to obtain employment.

The Isle of Man must arrange its affairs in order to live within its income.

It must not lose its competitive edge.

The island cannot afford to increase taxation. It has to watch its expenditure and be very careful that the projects that it enters into are affordable and that costs of these are not allowed to escalate.

I think that few people who remember how difficult things were 50 years ago would welcome those times to come back again.



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