Er, can we have 250 million quid, please?

[PaulJ]

35 minutes ago, nelwd said:

So you suggest that all Dr's, Nurses, Police Officers, Firemen, Ambulance staff, teachers, should be given a 30% pay cut. I think the reaction will be that 90%+ of them will simply leave the IOM. All of these sectors are in demand in the UK and other places.

Yep  Teachers?   More than a 30% drop for certain

[P.K.]

1 hour ago, Derek Flint said:

There is another option.  It first, the question must be asked; is the Isle of Man, as a micro nation, any longer sustainable? We are seeing major companies such as BA, shedding 25% of its workforce, preparing for a very different world. The time is upon us to assess whether there is any point in continuing with independence?

Without that "independence" will people like Lewis Hamilton still be able to dodge paying VAT on their private jets?

[Cambon]

5 minutes ago, P.K. said:

Without that "independence" will people like Lewis Hamilton still be able to dodge paying VAT on their private jets?

Yes. What Hamilton did could have been done in the uk. However, in the uk there is loads of red tape to cut, hops to jump through and therefore it costs a lot more. Here, he flys in at a pre arranged time, signs a few forms, writes a cheque and leaves. 

[The Chief]

1 hour ago, nelwd said:

So you suggest that all Dr's, Nurses, Police Officers, Firemen, Ambulance staff, teachers, should be given a 30% pay cut. I think the reaction will be that 90%+ of them will simply leave the IOM. All of these sectors are in demand in the UK and other places.

This ^^, but then it seems to me that some people would like the Island to be classed as a 3rd world nation with no functioning healthcare or education system.

[Non-Believer]

1 hour ago, Phillip Dearden said:

Whilst this may be necessary, it will mean some belt-tightening in the future.

Govt belt tightening was necessary after 2009. There is precious little evidence of any of it ever happening.

What did happen was that we all became aware of the Govt definition of "savings". It was no such thing.

Govt needs to take a good look at itself and apply the appropriate first.

[WTF]

2 minutes ago, Non-Believer said:

 

Govt needs to take a good look at itself and apply the appropriate first.

and they all lived happily ever after.

[Non-Believer]

30 minutes ago, WTF said:

and they all lived happily ever after.

Indeed.

[Golfer]

2 hours ago, Phillip Dearden said:

If the Government's main financial problem is cashflow going forwards, how does borrowing fix this?

Before Covid-19 I did not see any evidence that the Private Sector was being held back by lack of funds to invest in viable projects. On the contrary, the world seems flush with cash and if you have a good investment someone will fund it.

I suspect the loan is to fund short-term liquidity given the recent reduced inflows and expanded outflows. Whilst this may be necessary, it will mean some belt-tightening in the future.

Someone who wants to borrow large sums to help cash flow wouldn't normally agree an inflation busting pay rise for all as it will be a major drain on cash flow!!

normally a lender would say how are you reducing costs!

[Donald Trumps]

1 minute ago, Golfer said:

Someone who wants to borrow large sums to help cash flow wouldn't normally agree an inflation busting pay rise for all as it will be a major drain on cash flow!!

normally a lender would say how are you reducing costs!

Cutting social security benefits, they might reply

[Phillip Dearden]

2 hours ago, Derek Flint said:

There is another option.  It first, the question must be asked; is the Isle of Man, as a micro nation, any longer sustainable? We are seeing major companies such as BA, shedding 25% of its workforce, preparing for a very different world. The time is upon us to assess whether there is any point in continuing with independence?

if all we are doing is playing at nations, then we really do need to square up to this. It doesn’t stop ‘Manx’, it just means we become part of a much bigger unit. A tough debate but it needs to be had.

Many police couldn’t now transfer as the training system here is becoming very different from the UK. transferees could go back though. 

I think in terms of slicing we need to look at what is important. If it is not a need to have, why is it being done?

Derek - of course these questions must be asked.  However, if the UK took over what do you think the IOM, and in particular, the economy, would look like. I do not know if it is likely to be considered and if it is, what would the response be, BUT, if the UK did take over I am reasonably sure they would impose UK law and taxes. That is not generally a bad thing but I suspect most of our wealth-generating businesses would not be able to live with the new tax position. Is there not a danger that we would be left with an economy comprising 800 crofters?

[quilp]

Always about the money by those with money. What about the savings that could be made? 

[Non-Believer]

I suspect many people would notice little difference or might actually see an improvement in their lot.

However, there'd certainly be sectors of the Manx establishment who'd be quaking in their boots. It would be fought tooth and nail.

[Derek Flint]

2 hours ago, P.K. said:

Without that "independence" will people like Lewis Hamilton still be able to dodge paying VAT on their private jets?

Yes - the same deal is available via HMRC. We just offer a more ‘boutique’ service apparently.

[Derek Flint]

1 hour ago, Non-Believer said:

Govt belt tightening was necessary after 2009. There is precious little evidence of any of it ever happening.

What did happen was that we all became aware of the Govt definition of "savings". It was no such thing.

Govt needs to take a good look at itself and apply the appropriate first.

It was embarrassing. The cops tried hard, and lost a significant tranche of staff. Elsewhere it was a licence to fanny around.

[Derek Flint]

39 minutes ago, Phillip Dearden said:

Derek - of course these questions must be asked.  However, if the UK took over what do you think the IOM, and in particular, the economy, would look like. I do not know if it is likely to be considered and if it is, what would the response be, BUT, if the UK did take over I am reasonably sure they would impose UK law and taxes. That is not generally a bad thing but I suspect most of our wealth-generating businesses would not be able to live with the new tax position. Is there not a danger that we would be left with an economy comprising 800 crofters?

It would look like the UK economy. In real terms, the majority would be better off. We’d look a bit like the Isle of Wight, I suspect.

its not a great option on the face of it, but like I say, are we just effectively playing at being a country? 

Barclays have revealed 70% of their staff worldwide are working from home. This has major ramifications for the industry, especially in respect of location. We are going to see some major rethinking on the horizon.