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KPMG in the Isle of Man is pleased to announce its appointment as strategic partner to the Isle of Man Government, to develop a five to ten year Economic Strategy for the island.

The Isle of Man based firm secured the appointment, following a competitive tender process that attracted world-class candidates/international responses. Although project managed on-island, they will be ultilising a team of over 40 of KPMG’s international team of experts across many areas including economics, geopolitics, financial services, green and renewables, digital and tax. In addition, KPMG’s Alliance Partners such as Microsoft, ServiceNow, AWS and Eurasia Group are also in place to assist the Isle of Man on this strategic journey.

Following the first national lockdown, the Economic Recovery Programme was established to ensure the protection of jobs, provide support to the business community and stimulate the economy. A key pillar of this programme was the need to develop and deliver a longer-term economic strategy to help assess and grow the island’s economy over the next 10+ years.

The project, ‘Our Big Picture’, will be implemented across five key phases; the Economic Vision, Macro Economic Research and Review, Development of Policy Levers, formulate a Strategic Framework and Establish a Monitoring Program. The first three phases of the project will analyse the island’s current economy, consider models for policy change, and assess the island’s strengths, weaknesses, opportunities and threats within a global context. It will engage a range of stakeholders including various Government departments, trade associations and networks, as well as the wider public, throughout the duration of the project.

The KPMG team, co-led by Simon Nicholas, Partner at KPMG in the Isle of Man and Dr Nicola Mazzarotto, Global Head of Economics for KPMG, will provide the perfect blend of global expertise, insights, experience of other similar projects in similar jurisdictions and strong leadership credentials, but also valuable, first-hand knowledge of the local business community and the island’s unique position, which is vital on a project such as this.

Simon Nicholas commented, “KPMG are delighted to have been appointed by the Isle of Man Government and are proud to be associated with such a forward looking and ambitious project, that comes at such a critical time for our island. Like many global economies, we face economic challenges but in a fast-changing world there are many opportunities to capitalise on and we are excited to be able to work alongside the Isle of Man Government to embrace this new reality.”

Minister for Treasury, Alfred Cannan MHK welcomed KPMG to the project, “KPMG’s presentation and tender submission was of excellent quality, and provided world class expertise and insights that will be vital in helping to shape this important strategy that will positively impact the island’s economy for many years to come.”

“Simon Nicholas and his team at KPMG Isle of Man are already central figures within the island’s business community and are therefore exceptionally well placed to understand the island’s unique economic landscape, and develop a strong stakeholder engagement programme, which will be an important part of this project. I look forward to working in partnership with both the local and international teams on this project”.