Leaders from Liverpool and the Isle of Man have vowed that a new agreement between the city region and the island finance hub will boost both economies and strengthen cultural ties.
The island is aiming to double its GDP by 2032, creating thousands of jobs. It also has a 10-year tourism strategy which aims to grow visitor numbers to 500,000 visitors annually by the same year.
Now the island is building on its longstanding links to Liverpool with a new Memorandum of Understanding between the Isle of Man Government, Liverpool City Council, and Liverpool City Region Combined Authority. The agreement aims to help both places grow prosperity and wellbeing “through further strengthening economic, cultural, and political ties”
Its key focus areas are:
Economic opportunities
Tourism and cultural cooperation
Transport connections
Health and public services
Infrastructure, energy and net zero
The Isle of Man is a self-governing Crown Dependency that has never been part of the European Union or the United Kingdom. It is a world leader in financial services and works as a gateway to the Ƶ market, especially in sectors such as life insurance and for businesses operating in the European Economic Area.
The island’s government says there are some 24,800 businesses on the Island with strong links into the Ƶ, with total trade in goods and services between the Ƶ and Isle of Man worth around £2 billion a year.
A new Isle of Man ferry terminal opened in Liverpool last year. And also in 2024, the Isle of Man Department for Enterprise became a strategic partner of the Liverpool Chamber of Commerce.
Isle of Man Chief Minister, Alfred Cannan, said: “The Isle of Man and Liverpool have deep and historic ties of mutual cooperation. I am delighted to sign this Memorandum of Understanding with our neighbours across the Irish Sea to forge new opportunities for growth and collaboration between our two regions.
“Our investment in the new ferry terminal in the city is our biggest single investment in the Ƶ, ever, and has been a catalyst for these discussions. The significance of us signing the agreement in the new ferry terminal should not be lost, it is a clear commitment to how important the connection between the two regions is.
“The Isle of Man and Liverpool have been connected via the Isle of Man Steam Packet Company – the oldest continuously running ferry company in the world – which has seen the continuous movement of people, goods and ideas across the Irish Sea – for business, education, sport, tourism or visiting family and friends – for two centuries.
“The signing of this MoU is a clear statement from both administrations that forging closer economic ties is a strategic priority and one which offers mutual benefits.
“But the opportunities for both regions go beyond the economic benefits of business collaboration and the opportunity for the wider sharing and cooperation on public services will have positive impacts for our communities.
“I look forward to continuing to work closely with colleagues to realise the potential that this exciting partnership will offer.”
The MOU will include the launch of an annual conference, alternating between the Isle of Man and Liverpool, to help further economic co-operation.
Mayor of the Liverpool City Region Steve Rotheram, said: “From being a go-to tourist destination favoured by Liverpudlians for decades, the Isle of Man has always been a highly valued neighbour to our region, and this agreement is a reflection of our commitment to strengthening that bond.
“For centuries, our people have been connected through travel, trade, and shared culture, and today we are taking that relationship to the next level.
“This MoU marks the beginning of a new era of cooperation, one that will unlock new opportunities for economic growth, skills development, and sustainable innovation. By working more closely together, we can create a more dynamic and prosperous future for our businesses, our communities, and our residents.”
Leader of Liverpool City Council, Cllr Liam Robinson, said: “Many people from the Liverpool City Region have long, fond associations with the Isle of Man dating back generations.
“It makes sense for us to forge closer ties with one of our nearest neighbours, exploring opportunities for collaboration and mutually beneficial associations.
“By signing this MoU, we are opening the door to greater innovation, technology exchange, and investment opportunities.”
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