Manx Economic Development Fund: All We Can Do Is Await The Inevitable Corruption ‘Easy Money’ Attracts


Manx Economic Development Fund: All We Can Do Is Await The Inevitable Corruption ‘Easy Money’ Attracts

No doubt Laurence Skelly was pleased at his ability to steer the legislation allowing for the establishment of the so called economic development fund (EDF) through Tynwald this week.

As we reported earlier on CL News ‘the champagne corks will have been popping’ down at the Chamber of Commerce following the news that this lunacy had been given the green light.

The Chamber’s members will of course not be the only recipients of the funds but you can get your bottom dollar that the scheme to access EDF will be structured in such a way that the Chamber is well placed to resource its members to be at the front of the queue.

Skelly of course is assuring everyone that the EDF will be the panacea for all our economic ills and that the investment will generate a healthy return – but he knows that this is fatuous. Comparable funds in other jurisdictions have a substantial percentage failure rate.

Of course Skelly, who increasingly reminds me of Hugh Laurie’s buffoonish ‘Lt George’ in Blackadder, will not be the first Economic Development Minister to shovel government funds into the hands of the private sector.

But at least previously people had to go through the hoops to establish a cogent case. Even then the rules were sometimes bent! But in effect what we have now is a Department of Economic Development that is saying ‘we are desperate’ – ‘fifty million pounds to give away’ – ‘any takers’!

So much good could have been done with £50 million of public funds it is heartbreaking that this lacklustre Tynwald (at the fag end of its life) should have in effect given away ‘our money’.

However the dirty deed is done now and all we can do is sit and wait for the corruption that ‘easy money’ invariably attracts.

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Issued by: The Celtic News



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