[BBC News] Diverse economy gives protection

[Slim]

I understand the need to offer incentives for people to relocate, but if I read the quote below correctly, our government are making a big contribution to the running of his business. I appreciate the benefit of them relocating and generating jobs etc, but who's to say a local business isn't worthy of the same investment to help them expand? I may be mistaken, but based on my dealings with the DTI in the past, I'm pretty sure I know what the response would be if our work approached them for money to help pay for marketing and so grow the business.

 

"will see up to 40pc of his capital investment, property and marketing expenses paid for this year."

 

Local businesses are already eligible for similar grants under the business support scheme:

http://www.gov.im/dti/grants/bss/?menuid=7836

[rednik]

Local businesses are already eligible for similar grants under the business support scheme:

http://www.gov.im/dti/grants/bss/?menuid=7836

 

 

I am aware of the business support scheme, and have had some exposure to it. The criteria they set to qualify are very specific, and as I understand it (might be wrong) a local business might be eligible for assistance upto £4500 on one specific project.

 

I'd guess that £4500 falls a long way short of the grants these guys are being offered. That said, like I said in my first post I understand the additional benefit of bring new business here over helping an established setup, but would still be interested to compare the response a local setup would get looking to expand compared to these guys.

[Chinahand]

Local businesses are already eligible for similar grants under the business support scheme:

http://www.gov.im/dti/grants/bss/?menuid=7836

 

 

I am aware of the business support scheme, and have had some exposure to it. The criteria they set to qualify are very specific, and as I understand it (might be wrong) a local business might be eligible for assistance upto £4500 on one specific project.

 

I'd guess that £4500 falls a long way short of the grants these guys are being offered. That said, like I said in my first post I understand the additional benefit of bring new business here over helping an established setup, but would still be interested to compare the response a local setup would get looking to expand compared to these guys.

The company I work for has recieved multiple times more than £4500 in grant support from the DTI - they have been a great support helping build a manx based company. We were based on the Island from the begining and the press coverage of Germ Warfare fits well with how the DTI has treated us. I don't think there is any particular bias towards outside companies compared to locals - growth and local jobs seems to be the main issue.

 

We've now paid more in VAT than grants we've recieved - touch wood long may it continue!

[bellyup]

I'd still say that a lot of the non-finance industries still depend on there being a finance industry here though.

 

 

 

Absolutely

Therefore it would have been sensible to maintain confidence in at least one part of the financial sector - the banking sector - which say what some will is a mega part of the financial setup and vital to other industries - by dealing fairly and promptly with the depositors of KSFIOM who 11 months down the line are still awaiting the return of their savings.

Whilst blowing his own trumpet Allan bell has brushed these people many of whom, are Manx taxpayers under the carpet.

[Slim]

Absolutely

Therefore it would have been sensible to maintain confidence in at least one part of the financial sector - the banking sector - which say what some will is a mega part of the financial setup and vital to other industries - by dealing fairly and promptly with the depositors of KSFIOM who 11 months down the line are still awaiting the return of their savings.

Whilst blowing his own trumpet Allan bell has brushed these people many of whom, are Manx taxpayers under the carpet.

 

[bluemonday]

http://news.bbc.co.uk/1/hi/magazine/8220088.stm

Definately.

[%age]

Yes but nothing can stop Bells paean of self praise.

His state pension is still secure...that's what matters. Now stop whingeing and think positive.

 

I beg to differ. There has been a propensity over the past decade or so for IoM Government to facilitate the early pensioning off of highly, highly paid Civil Servants. There is a finite amount of wonga in the pot. I suppose many are getting it while it is there. When it comes to Allan's turn there is a chance there will be fuck all left.

 

Yes but nothing can stop Bells paean of self praise.

Let us all feel smugly reassured.

Alan Bell has done and is doing a magnificent job for the Island. He's worth his salary ten times over - he could earn far more in the private sector.

 

Was Allan not previously a businessman in the private sector?

[manshimajin]

There has been a propensity over the past decade or so for IoM Government to facilitate the early pensioning off of highly, highly paid Civil Servants. There is a finite amount of wonga in the pot. I suppose many are getting it while it is there. When it comes to Allan's turn there is a chance there will be fuck all left.

The current pension scheme is non-contributory. It is funded from income tax revenue. As long as there are taxpayers MHKs' pension benefits are safe. If there is any shortfall in the fund they will just dig a bit deeper into revenue and tell taxpayers that they have to forego something else because of financial constaints (or raise taxes). What is clear is that politicians are not willing to modernise their scheme to make it both contributory and a defined contibution scheme.

 

This would reduce the impost on taxpayers dramatically but would be not offer such a good reward for the excellent service MHKs and MLCs provide to the Manx community.

[hboy]

Was Allan not previously a businessman in the private sector?

 

Suits you sir!!

[Albert Tatlock]

Absolutely

Therefore it would have been sensible to maintain confidence in at least one part of the financial sector - the banking sector - which say what some will is a mega part of the financial setup and vital to other industries - by dealing fairly and promptly with the depositors of KSFIOM who 11 months down the line are still awaiting the return of their savings.

Whilst blowing his own trumpet Allan bell has brushed these people many of whom, are Manx taxpayers under the carpet.

 

Your not supposed to identify anyone on here - including the mods.

[manshimajin]

Cretney and Bell are painting a rose tinted picture between them, but there are a lot of people suffering because of this recession, and more to suffer IMO.

You are far, far too cynical Albert - you should be out there rejoicing given that house prices are holding up. A sure sign that all's right with the world.

 

The Manx property market is defying conventional economic wisdom. Lots of enquiries, fewer sales, buyers's market, prices having to be adjusted to secure sales and prices rising slightly. You must understand that we live in an economic miracle zone Albert.

 

I Like some of the quotes:

Cowley Groves director Graham Wilson said new listings, viewing appointments and even prices are up – slightly – on last year. But sales are down.

The average price of a house based on negotiated sales reached £315,000 in August but this figure fluctuates depending on what value of property is popular in any given month. The average in June was £275,000.

i.e. we have such a small market that we don't really know whether prices are up or down.

valuations were up 18 per cent and even viewing appointments were up 14 per cent on 2008. But sales were down by around 18 per cent.

'We have found ourselves doing far more work during the year for fewer sales. This increase in listings and decrease in sales has resulted in us being firmly locked into a buyer's market

no wonder prices are up, buyers' markets always do this.....

Cowley Groves has also seen a 'substantial' increase in the number of inquiries from the UK for properties at the top end of the market with some healthy sales secured this year for homes valued between £1 million and £2 million.Mr Wilson revealed there had been 11 inquiries alone in July and August and said the Isle of Man's tax cap policy, coupled with the new 50p tax rate in the UK, could be having an effect.

He didn't reveal how many sales there were though...just 'some'....

 

I always feel super-confident of commentaries on property markets by etstae agents as they are free of any form of bias that an indepenedent expert might have.

[bluemonday]

Cowley Groves director Graham Wilson said new listings, viewing appointments and even prices are up – slightly – on last year. But sales are down.

In english-

 

More people want to sell.

 

More people are looking.

 

Less are buying.

 

Res ipsa loquitur

 

Never mind experts views, just look at the amount of boards up and how long they stay up.

[Slim]

Cowley Groves director Graham Wilson said new listings, viewing appointments and even prices are up – slightly – on last year. But sales are down.

 

Isn't that how supply and demand often works when supply is limited?

 

I always feel super-confident of commentaries on property markets by etstae agents as they are free of any form of bias that an indepenedent expert might have.

 

What do you have to say he's wrong? Looking at recent recorded sales, a 3 bed semi in onchan has just gone for £280. I looked at one in the same street three years ago, it was £210. There's nothing I've seen to suggest values have dropped significantly (yet?) but I'd welcome anything you have. Asking prices yes, values, no.

[manshimajin]

Slim I do not follow sales in detail.

 

I have noticed houses around Castletown are sticking on the market much longer - some well over 12 months now which indicates that their asking prices are not attracting buyers. Long term more sellers and fewer buyers means that prices must deflate. At some point people who need to sell can't keep holding on from listing their property and from trying to get money for it, even if it is not top price. From what is being said that may be the stage we are at.

 

I would also admit that property markets have different sectors in them - so £1 million plus might be moving, <£250K may also be moving but the £250k to £1 million does not seem to be at all lively.

 

When an estate agent says:

This increase in listings and decrease in sales has resulted in us being firmly locked into a buyer's market

one has to think that the market is not going to sustain increased prices (supply and demand works in housing markets too).

[Slim]

Slim I do not follow sales in detail.

I have noticed houses around Castletown are sticking on the market much longer - some well over 12 months now which indicates that their asking prices are not attracting buyers. Long term more sellers and fewer buyers means that prices must deflate. At some point people who need to sell can't keep holding on from listing their property and from trying to get money for it, even if it is not top price. From what is being said that may be the stage we are at.

 

There's not the 'rush' to buy a property as soon as it appears on the market that existed a few years ago, that's for sure, but that doesn't mean values will deflate if people aren't forced to sell, it'll just reduce the volumes, as we've seen happen. What I've seen is that asking prices were over-inflated, but that's not the same as a drop in value.

 

When an estate agent says:

This increase in listings and decrease in sales has resulted in us being firmly locked into a buyer's market

one has to think that the market is not going to sustain increased prices (supply and demand works in housing markets too).

 

It means people need to be competitive when they sell, but again I don't think that automatically leads to a drop in prices, just a reduction in inflation. I'm open to any evidence otherwise, but I've again not seen anything that convinces me that prices have dropped. Inflation has dramatically slowed, I'll give you that.