Budget comment from Iarla Hughes, Chief Financial Officer, Manx Telecom

This article originally appeared in ISle of Man Portfolio Magazine. View the full article here.

From a telecommunications point of view, it was reassuring to see Government’s commitment to the planned £6m spend for the fibre optic rollout programme as part of the National Broadband Plan.

Fast and resilient connectivity has been identified as a key objective in helping to ensure the Isle of Man is an attractive location for businesses and residents in the future and this £6m will assist in making fibre accessible to more remote and difficult to reach premises.

Complementing Manx Telecom’s own £50m investment in fibre broadband infrastructure, the National Broadband Plan is now well underway and currently anticipated to complete on target in July 2024. There is good reason to switch over to fibre. Not only will a significant take-up help propel the Isle of Man into the top ranks of countries by internet speed, increasing our attractiveness to businesses and enhancing the lives of residents in an increasingly connected world, but it will also underpin the delivery of many elements of the Government’s recently published Island Plan.

While the Island Plan itself has so far received mixed reviews, it was interesting to see spend in the budget allocated to the various elements and targets within it. Although all five themes are clearly important for the future health and prosperity of our nation, the additional financial commitments for tackling climate change and improving health and well-being were particularly pleasing, these being two areas that continue to be a focus for us as a responsible business and major local employer.

We also welcomed the additional funding for education. Developing skills on-Island is critical for the long-term sustainability of businesses operating here, particularly those in the technology sector, and it is important we invest in a workforce fit and ready to deal with the challenges and opportunities to come in the future.