Russell Kelly shares his review of 2016 and the outlook for 2017.
Looking back, 2016 has certainly been a year that will be remembered globally and will end up shaping our futures in the near to medium term. We have had the historic Brexit vote in the UK and a potential dawning of a new political era in the US. Closer to home, we have had a general election in the island and now have a new political leadership who are looking to implement some new strategies. The island and its fellow international financial centres continue to face scrutiny in 2016 with the Isle of Man being subject to a visit from MoneyVal. All in all it has been a year of change and challenge in the island and globally.
As we look forward into 2017, I think we are in for the same level of change and challenge, largely driven by the events of 2016 mentioned above. The Brexit process for the UK will lead to uncertainty in the Eurozone and this will of course feed through to the island as we have to look at how our constitutional and trade relationships develop and ensure that we are well placed to take advantage of any opportunities that present themselves. With regards to MoneyVal, the report will be issued in early 2017 and will doubtless lead to some changes in our regulatory environment. A priority for us is to ensure that as an economy able to react quickly and commercially to the evolving landscape to ensure the island is able to seek the opportunities that change of this magnitude invariably brings. As ever the future will revolve around the continuation of advancements in technology and a further priority for us is to ensure we continue to be willing to embrace the changes that come from such advances and use the island’s position and reputation in this area to drive future growth where we can in attracting new industries to relocate here.