General Update

It has been a while since I last posted anything to the blog. Fortunatley the Isle of Man economy has remained relatively sound but there are signs that the storm clouds are gathering across the water. Will the Isle of Man be immune to a recession in the UK?

From discussions with local banks activity levels are still high but lending criteria has been tightened and there is much selectivity been demonstrated i.e. there is still 'money' available for well run businesses or projects. There is undoubtedly a perception of a 'flight to quality' however that is defined.

In the business world generally there remains an element of 'bullishness' and presently property prices seem to holding firm. Let's us hope this is not an example of 'The Emperor's New Clothes' with people not wishing to be the first to admit that there are serious problems.

There are reasons to be cautious and extra care should be taken when looking at any investment opportunity but finance is available if you do your homework and present well thought out plans that recognise that there could be difficult times ahead and are not overly optimistic.

Finally, I recommend that evryone keeps a tight control on cash flow and as I have said in previous messages keep close to your Bank Manager - do not present them with any surprises. Anticipate any problems that you may face and talk them over so that you have time to react if the bank feels unable to support you with further funds. Don't let them remove your umbrella as it may start raining soon.