Minister buoyed by business event

Mr Cretney attended the business event last month

The Isle of Man remains an attractive place for business despite its recent financial setbacks, according to the Trade and Industry Minister.

David Cretney said a number of firms expressed an interest in relocating to the island during the recent Business North West conference in Manchester.

It was the first time a Department of Trade and Industry representative had attended the event.

Mr Cretney said he believed the trip would attract further investment.

We have the advantages and we have to make sure we maximise them David Cretney

"I'm very much an optimist. We are in difficult times. We are in challenging times," he said.

"But we have to work even harder than we have in the past to make sure that we can keep ahead of the game.

"We have advantages in terms of a small legislature which should be able to work very closely with the private sector, both employees and employers, and also react and introduce new measures if that's necessary, whether that's schemes of support or changes in legislation.

"We have the advantages and we have to make sure we maximise them."

Treasury Minister Allan Bell has already said the £100,000 income tax cap would remain so business people would still be attracted to the island, which also has a 0% corporation tax rate.

The Isle of Man is facing financial uncertainty as a result of a UK decision to revise a VAT income sharing agreement.

It is facing a total loss of £140m in its income from April 2011.