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The 'revenue sharing arrangement', the re-vamped VAT agreement with the United Kingdom, announced in the Manx Budget, is pushing the economic benefits of marinas back into the spotlight in the Isle of Man.
The Department of Transport now has a report, prepared by Fisher Associates, outlining the estimated benefits of existing marina development plans, and other which could be pursued if desired.
The estimated benefits have had input from the Economic Affairs Division of the Manx Treasury.
Director of Harbours, Captain Michael Brew, says the change in the Island’s Common Purse Agreement with the UK has required a different format of economic benefit to be developed.
He says it is clear the planned marina developments will bring significant economic benefit to the Island and the early signs of this can already be seen around the inner harbours at Douglas and Peel.
Mr Brew adds: 'This benefit will show as direct income from the users of the marina berths, both resident and visitors. The development of associated support services, for example maintenance, supplies, shops, restaurants and bars, will generate greater economic activity, including jobs.'
Founded in 1995, Fisher Associates is a specialist management consultancy practice in the maritime and transport sector. It is active in ports, shipping, maritime, marine, airports, free zones, and inland waterways, particularly for business plan and port masterplan purposes.
(Picture: Douglas Marina, from manxscenes.com).
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