Three Ministers Breakfast 2026: Key Insights from a Defining Year for the Isle of Man

Three Ministers Breakfast 2026: Key Insights from a Defining Year for the Isle of Man

16 January 26

 

Proudly sponsored by Conister Bank

The annual Three Ministers Breakfast, proudly sponsored by Conister Bank, brought together leaders from across the Isle of Man’s business community for a morning of clarity, candour, and collaboration. With fewer than twelve months left in the current administration, this year’s event carried a sharpened sense of purpose - and the discussion did not disappoint.

Moderated by Claire Watterson, President of the Isle of Man Chamber of Commerce, the session featured direct and insightful updates from the Chief Minister, the Minister for Enterprise, and the Minister for Justice & Home Affairs, covering the island’s economic outlook, infrastructure, regulatory priorities, and the pathway toward future growth.

A Resilient Economy with Opportunities Ahead

The Chief Minister reaffirmed that - despite global uncertainty - the Isle of Man remains resilient.
Key indicators underscored this strength:

• 2,000+ new jobs have been created over the term
• Unemployment is at a 10-year low
• Moody’s has reaffirmed the island’s AA3 credit rating, signalling strong international confidence
• The visitor economy has rebounded with 330,000 visitor movements and £212 million in visitor spend

Growth in high‑net‑worth relocations, particularly from the UK, is also contributing positively to the island’s business landscape.

 

Driving Efficiency and Modernising Government

Government transformation remains a central priority.
Already, substantial progress includes:

• Digitalising services such as vehicle licensing and company registry processes
• Introducing recruitment controls to manage public sector growth
• Identifying £14.6 million in efficiency savings, with a target of £50 million over five years

The message was clear: streamlining government operations remains essential to maintaining competitiveness and delivering value for taxpayers.

 

Security, Border Protection & Moneyval Readiness

The Minister for Justice & Home Affairs set out a detailed update on security investment - a key pillar of the island’s safety and economic reputation.
Highlights included:

• Strengthened border and port policing operations
• Installation of ANPR technology
• Nearly £1 million in drugs and cash seized at ports
• Closer integration between customs, immigration, and constabulary teams

With the Moneyval evaluation looming later this year, the island is preparing intensely to demonstrate the effectiveness of its AML/CFT regime. Government emphasised that maintaining the Island’s “gold standard” status is critical - and achievable.

 

National AI Office: A Major Step Into the Future

One of the most notable announcements was the creation of the National AI Office, backed by £1 million in initial funding.
Its purpose:

• Accelerate AI adoption
• Provide practical support and training
• Develop a National AI Strategy
• Strengthen the Island’s digital competitiveness

The Office will bring together public and private sector expertise to ensure the Isle of Man stays at the forefront of innovation.

 

Infrastructure, Housing & Connectivity: Meeting Demand

The Ministers provided encouraging updates across several major infrastructure areas:

• 800 new homes built this term, with more in the pipeline
• Over £60 million in private investment unlocked through brownfield development schemes
• Stabilised air connectivity to London, Liverpool, and Manchester
• 99% rural broadband coverage now achieved
• Further work is underway to support first‑time buyers and address long‑term housing affordability.

 

Candid Q&A: Business Pressures Acknowledged

The Q&A session gave voice to the concerns of the business community - from the cost of living and the minimum wage increase to eGaming challenges and the closure of the private patient wing at Nobles Hospital.

Ministers responded openly, emphasising:

• A renewed partnership approach with industry
• Sector-specific engagement forums
• Forthcoming support packages for affected sectors
• The need for both efficiency and economic growth to lift living standards

Notably, all three Ministers closed with straight‑to‑the‑point answers in the event’s quick‑fire round:

• Is the Isle of Man competitive for skilled workers?
  Enterprise Minister: “No.”
• Will business confidence improve by the end of the term?
  Chief Minister: “Yes.”
• Will immigration processes improve before the election?
  Justice & Home Affairs Minister: “Yes.”

Closing Thoughts

The Three Ministers Breakfast 2026 delivered honesty, clarity, and a shared recognition that - while challenges remain - the Island’s businesses, institutions, and government must work together to secure long‑term prosperity.

Conister Bank is proud to have supported this important event, fostering open dialogue at a pivotal time for the Isle of Man economy.

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