A cross-Government stimulus programme to invest in:
- Our Businesses in the immediate term
- Our People, Our Island and Our Domestic Economy in the medium term (6 - 12 months)
- Our Future and Our Economic Plan in the longer term (1 - 5 years)
A green, digital and safe future for the Isle of Man
In the Budget update in July Tynwald, Treasury Minister Alfred Cannan MHK announced a £100m Economic Recovery Fund and unveiled measures to protect jobs, secure investment and encourage growth as part of the Isle of Man’s financial fightback from coronavirus.
The immediate focus of the Economic Recovery Programme is a 6 – 12 month stimulus programme which will invest in projects implementing measures to support the Isle of Man’s economy as appropriate to the situation. This includes initiatives to accelerate capital projects, retraining and upskilling our people and stimulating local demand.
There is also a medium term work stream which focuses on ‘Our Future’, which will work toward creating up to 1,000 new jobs over the next five years. As well as identifying the longer term economic strategy for 2021 and beyond.
The Economic Recovery Programme is chaired by the Treasury Minister and Minister for Enterprise, with representation from senior Government officers, and meets monthly, or more frequently if required, to consider papers and strategic direction for the programme. It seeks to capitalise on agile, rapid decision making processes that were adopted during the coronavirus pandemic and accelerate cross-Government thinking for the good of the Isle of Man.
Members of the Economic Recovery Group are:
- Alfred Cannan MHK, Treasury Minister
- Laurence Skelly MHK, Minister for Enterprise
- Ray Harmer MHK, Minister for Policy & Reform
- Bill Shimmins MHK, Member for Treasury
- Lawrie Hooper, MHK, Member for Enterprise
The Programme is delivered under six strategic work streams:
- Our Businesses - Immediate term
- Our People - Medium term, 6 - 12 months
- Our Island - Medium term, 6 - 12 months
- Our Economy - Medium term, 6 - 12 months
- Our Future - Medium to long term, 1 - 4 years
- Our Five to Ten Year Economic Plan - Longer term, 5 year planning
The Economic Recovery Programme has a set of principles which are used to determine applicability of applications for funding. Any activity approved through ERG provides temporary funding for activities that are outside the normal functions of a Government Department and/or provide support to help accelerate current Departmental activities and meet one of more of the following criteria:
- Principle 1: Protects business and employment where it may otherwise be threatened due to COVID-19 over the next 9 months (from July 2020)
- Principle 2: Provides employment opportunities for those individuals who would otherwise be unemployed due to the impact of COVID-19, for up to 12 months (from July 2020)
- Principle 3: Provides meaningful work and training for those individuals who would otherwise be unemployed due to the impact of COVID-19, which promote future employment opportunities befitting the Island’s needs
- Principle 4: Provides a significant boost to economic activity where it may otherwise be subdued to COVID-19, which protects business, employment and Government revenues in the next 9 months (from July 2020)
- Principle 5: Ensures the Island is prepared to take advantage of economic opportunities that present themselves in the short to medium term as the economy recovers from COVID-19 (9-18 months: from July 2020)
- Principle 6: Helps determine the longer term economic strategy and activity for the longer term (18 months +: from July 2020)
For further information on the Economic Recovery Programme, please see our Frequently asked Questions page.