The Isle of Man should work closely with Boris Johnson’s army of new Conservative MPs who captured previously safe northern Labour seats in the last UK general election.

That’s the view of former MP and ’friend’ of the Crown Dependencies Mark Field.

The former MP for the cities of London and Westminster, who stood down at the last election, believes there are ways in which the island can improve its reputation and ’counter the rather lazy and dated label as an offshore tax haven’.

He said: ’The chatter about rebalancing the UK economy towards the north plays well for the island.

’The new Tory MPs in North Wales and the north west will be making the case for investment in the region. I firmly believe that it is in the Isle of Man’s interests to work with those regional MPs.’

He praised the ’upbeat optimism and boundless enthusiasm of the 109 strong new Tory intake’.

Mr Field added this message to island movers and shakers: ’Be seen to be active with the Welsh assembly and north western local authorities to help make the case for revitalised and renewed regional policy.

’Make the case that the Isle of Man is already doing sterling work in diversifying its economy towards services and goods that will provide local and regional employment and prosperity in the 2020s and beyond.’

Addressing Capital International’s investment seminar held at the Comis hotel, Santon, Mr Field said he believes there is much in the Isle of Man that ’we can be optimistic and bold and positive about’. ’The local economy has rebalanced significantly over recent years and its future importance to both the City of London and the UK as a whole is something we should all celebrate.’

It was revealed at the breakfast event that the former UK Foreign Office minister has been appointed chairman of CIB Limited, a subsidiary of Capital International Group.

After being awarded a class 1 (2) provisional banking licence in August 2019, the Circular Road based firm has been preparing to open what it claims will be the island’s first new bank in over 30 years, offering an entirely digital banking ’solution’ to corporate and qualifying high-net-worth clients.

Mr Field believes there will be less pressure put on it by the majority Conservative government led by Boris Johnson.

He said: ’During much of my 18 or so years in parliament I was a long-standing friend of the Crown Dependencies.

’I have watched with admiration as a succession of Chief Ministers from Tony Brown to Allan Bell and more recently Howard Quayle have navigated the often choppy waters between Douglas and Westminster.’

He added: ’Directives, regulations and legislation have often appeared at short notice and are designed to play to the gallery of those who would deliberately misrepresent the role of international finance centres.

’The additional liquidity offered by the Crown Dependencies to the City of London was important in the aftermath of the financial crisis and as a potential credit crunch looms in the near future I believe it may do so again.

’The Isle of Man, Jersey and Guernsey have often led the way in marshalling data to law enforcement and the tax authorities despite the dismissive and wilful disregard that some in the press and social media would have for privacy rather than secrecy.

’While complacency should always be avoided I believe the current (UK) administration will have other priorities beyond a public campaign against offshore centres.

’Evidently after a period of the frenetic activity at successive G20 summits some years back there appears to be little appetite for drawing up global protocols in this sphere or even in a digital sales tax.’

He said the ’urgent demand’ for rebalancing the domestic economy towards the north of England provides ’a potentially fruitful mechanism for putting the Isle of Man on the map in the eyes of Whitehall’.

Having introduced Mr Field at the seminar, Capital International’s chief executive, Greg Ellison, commented on the appointment of the former MP as chairman of the new bank.

He said: ’On the day I heard that Mark was not standing in the recent general election, we began a discussion which led to his agreement to join the board.

’I’ve known Mark for over a decade and during that time he has been a passionate advocate of the Crown Dependencies in Westminster for their positive contribution to the UK economy.

’With an outstanding background in law, politics and international affairs, Mark will be instrumental in leading the bank’s board with our governance and direction.

’I am delighted with Mark’s appointment as chairman of CIB Limited and we are looking forward to working with him in the exciting years ahead.’