Isle of Man hopes to increase population to 100,000 in next 15 years

The Isle of Man hopes to grow its population to 100,000 residents within 15 years - but says it will need to improve employment opportunities for the younger population first.

There are currently just over 85,000 people living on the Isle of Man, with a fifth of those over the age of 65.

Almost half of those living on the Island do not work, a report by KPMG found.

Government aims to grow its population by welcoming people who will work and also encouraging those who live on the Island to stay.

Tynwald hopes that building suitable and affordable housing and setting up career opportunities and well-paid graduate jobs would help this.

An improvement in leisure infrastructure, and "more things to do" is also seen as a solution.

The report also said that without investment and direction it may be difficult to attract in-demand skilled workers.

It added that some of the Island's sectors are "stagnant", putting future success at risk.

The Government is also aiming to reach a gross domestic output of £10bn by 2032.

To reach the GDP targets it is expected 5,000 new jobs will need to be created and filled. Insurance and eGaming remain the Island's most profitable sectors.

The Chief Minister, Alfred Cannan MHK, said "we have always prided ourselves on our ability to adapt and as an Island, we have so much to be proud of.

"But we have reached a point in our economy where we must evolve again if we are to create longer term economic success.

"If we do not address critical challenges facing the Island in terms of our demographics, finances and public services we run a substantial risk of gradual decline which would create significant uncertainty.

"We should also recognise that our young people demand new job opportunities and modern, attractive facilities.

"We must now bring forward an ambitious and bold series of initiatives and policy changes that will ensure the future resilience, sustainability, and prosperity of our people and our Island."

The report states that the cost of living in the Isle of Man is high compared to the UK and is not fully offset by higher average wages.

The Isle of Man is also seen to be lagging behind other nations in terms of sustainability, according to KPMG research.

This includes the Island's progress towards net zero and the availability of green power options for businesses.