The government has appointed professional services firm KPMG as ‘strategic partner’ to develop a five to 10-year economic blueprint for the island.

It follows a competitive process that attracted international responses for tender.

The development and delivery of a longer-term economic master plan was detailed as a key pillar of the economic recovery programme when it was formed last summer following the first national lockdown.

Treasury minister Alfred Cannan MHK said: ‘KPMG’s presentation and tender submission was of excellent quality, and provided world-class expertise and insights that will be vital in helping to shape this important strategy that will positively impact the island’s economy for many years to come.

‘Simon Nicholas and his team at KPMG Isle of Man are already central figures within the island’s business community and are therefore exceptionally well placed to understand the island’s unique economic landscape, and develop a strong stakeholder engagement programme, which will be an important part of this project.

Mr Nicholas will lead the global co-ordination of more than 45 global sector experts and their teams while interacting with government and business community ‘stakeholders’ as a local relationship partner. He has more than 20 years of experience in advisory services.

Mr Nicholas, a partner in the firm, said: ‘KPMG are delighted to have been appointed by the Isle of Man Government and are proud to be associated with such a forward-looking and ambitious project, that comes at such a critical time for our island.

‘Like many global economies, we face economic challenges but in a fast-changing world there are many opportunities to capitalise on and we are excited to be able to work alongside the Isle of Man Government to embrace this new reality.’