Page 9 - Bus365 Issue 11 2021 WEB
P. 9

ISLE OF MAN PULSE SURVEY



          SHOWS OPTIMISM



          The results of the second Pulse survey are now in and it suggests an optimistic outlook for the Isle of Man
          economy. The Isle of Man Pulse survey, run by KPMG in the Crown Dependencies and in association with
          the Institute of Directors, is now freely available to read and download online.
              he optimism extends from many of the                             •   44% of Isle of Man businesses surveyed
              surveyed businesses indicating increased                            experienced increased o -island activity,
         To -island activity and all business sectors                            compared to 26% in the last survey.
          expecting increased turnover over the next                           •   Across the island’s business sectors, many
          year. This is a welcome shift in trend to recent                        expect turnover to increase in the next
          times, following di  cult trading conditions                           12 months despite feeling their business
          during the continued pandemic. Whilst there                             growth was constrained at the time of the
          are still sectors which are depressed, such as                          survey.
          Retail and Hospitality, there is no doubt the                        •   In both of the surveys to date, 69% of
          broader economy feels like it is turning the                            respondents said they would not change
          corner. Other challenges still remain, such as                          the Isle of Man border policy, despite noting
          changes to international tax policy and tackling                        some trading di  culties.
          e ective Environmental, Social and Corporate                        •   The majority of businesses expressed
          Governance (ESG) strategies, and the survey                             concern that changes in international tax
          responses o er a barometer reading on local                            may impact the Isle of Man economy.
          feeling for these key board agenda items.                            •   Manx businesses with an ESG plan in place
                                                                                  are very much a minority. Survey responses
                                                                                  suggest a lack of knowledge and data is
                                                                                  the reason for this.
                                                                              The report includes expert analysis and
                                                                              commentary from KPMG’s data scientists, along
                                                                              with 18 pages of survey data and results, o ering
                                                                              detailed insights into the island’s business
          Optimism and increased focus on ESG are                             sectors.
          mirrored in the recently released KPMG CEO
                                                                              Simon Nicholas, Partner and Head of Clients and
          Outlook survey, with growth and expansion    Simon Nicholas
          and ESG front and centre in most business   KPMG in the Crown Dependencies  Markets at KPMG in the Crown Dependencies,
                                                                              commented, “At the time of the survey, some
          plans. The global report fi nds that CEOs are
                                                                              businesses were improving and prospering
          incredibly confi dent in the growth prospects of
                                                             The Pulse        as COVID restrictions were eased, yet others
          their company and the international economy
          in general. Thus whilst we often think that our                     indicated they were constrained by an inability
          economy is di erent to the rest of the world, it’s   report o ers   to access clients due to the remaining COVID
          clear that the ‘Isle of Man’ economic experience    real local      restrictions and border policies that were still in
          is being mirrored around the world.                                 place earlier in the summer. But, overall, there
                                                     results, unique          is an optimistic feel to the second survey. The
          The Pulse report o ers real local results,                         combined results from the surveys so far are just
          unique and relevant to the Isle of Man and its   and relevant       starting to deliver some real trends and insights,
          economy, and includes responses on topics                           and the power of the survey will only build with
          such as business growth, turnover expectations,   to the Isle of    time as we collect more data.”
          reactions to Manx border controls, tax policy   Man and its
          and ESG plans. Based on data received prior to                      The report is freely available at home.kpmg/cds
          the summer, the key highlights from the second      economy
          survey include:




















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