ALF’S PURPLE BUDGET UPDATE

16 WEEKS AGO WE LAUNCHED A PACKAGE OF MEASURES DESIGNED TO PROTECT THE ECONOMY AND JOBS 

THE MEASURES DELIVERED £80 MILLION VIA DIRECT AND INDIRECT CASH SUPPORT 

WE MOVED RAPIDLY AND DECISIVELY. FOR THE MOST PART IT HAS DONE THE JOB

BUT WE CAN’T CONTINUE WITH HANDOUTS. IT COULD DISTORT THE MARKET, AND HOLD BUSINESS BACK. WE NEED TO ENCOURAGE BUSINESSES TO ADAPT TO NEW MARKET CONDITIONS 

THOUGH WE WILL PROVIDE DIRECT SUPPORT TO ANY SECTOR MATERIALLY IMPACTED 

TOURISM ARE UNDER SIGNIFICANT STRESS, AND CLEARLY NEED DIRECT TAX PAYER SUPPORT. THE STRATEGIC CAPACITY SCHEME AND BUSINESS SUPPORT SCHEME WILL SUPPORT THE SECTOR.

MERA HAS BEEN EFFECTIVE BUT RECIPIENTS NEED TO RETURN TO WORK ASAP 

MERA IS COMING TO AN END AS OUR ECONOMY STARTS IT’S RESURGENCE

IF YOU FIND YOURSELF NEWLY UNEMPLOYED FROM THE 1ST AUGUST, YOU SHOULD SEEK BENEFITS 

THERE WILL BE HIGH LEVELS OF UNEMPLOYMENT 

WE SHOULD NOT BE PREPARED TO LIE BACK AND ACCEPT THIS THO

THE ECONOMIC FIGHT BACK IS ON

A NEW ECONOMIC RECOVERY GROUP WILL BE CHAIRED BY ME (ALF) REPORTING INTO COMIN 

THERE IS AN (UP TO) £100 MILLION FUND TO INVEST  

THIS INCLUDES A PLAN TO RETRAIN UP TO 1,000 PEOPLE 

WE ALSO WANT TO SPEND ON CLIMATE CHANGE COMMITMENTS AND FASTER BROADBAND. CREATING A GREENER, CLEANER FUTURE

I CAN’T PROMISE A PANACEA 

GEFINITION: A SOLUTION OR REMEDY FOR DIFFICULTIES OR DISEASES 

BUT I CAN PROMISE THAT WE ARE SHAPING OUR BUDGET TO COME THROUGH THE NEXT 9 MONTHS AND BUILD A STRONG LONG TERM FUTURE 

HARD WORK, DETERMINATION AND RESILIENCE ARE INGRAINED IN THIS ISLAND

THANKS FOR SHOPPING LOCAL, KEEP AT IT 

QUESTIONS

  • RETRAINING AND RE SKILLING WILL FOCUS ON DIGITAL SKILLS 

  • TOO EARLY TO GIVE A DEFINITIVE FIGURE ON UNEMPLOYMENT. WE CAN’T IGNORE THE WARNINGS FROM MANY RESPECTED GLOBAL INSTITUTIONS. WE’RE GEARING UP FOR THE WORST CASE SCENARIO, BUT THERE IS A STRONG DESIRE TO HELP THE ECONOMY THROUGH TO NEXT MARCH 

  • WE PURPOSELY HAVEN’T INTERFERED WITH THE TAX STRUCTURE 

  • BECAUSE OF THE LEVEL OF FISCAL UNCERTAINTY, WE’LL LOOK AT HOW OUR TAX STRATEGY FITS IN WITH THE REST OF THE WORLD WHEN WE PREPARE THE FULL BUDGET IN FEB 2022

  • THE BORDER SITUATION IS HAVING AN ECONOMIC IMPACT, WE’RE NOT GETTING VISITORS. BUT OPERATING IN THE BUBBLE IS GIVING US AN ADVANTAGE TO TRADE FREELY FOR OTHER INDUSTRIES

  • HOPE TO BE FULLY OPEN FOR TOURISM BY SPRING NEXT YEAR 

  • WE NEED TO STAY CAUTIOUS, C-19 CAN COME BACK. ALF IS HAPPY WITH THE DECISIONS COMIN HAVE MADE AROUND BORDERS

  • BORROWING £250 MILLION (IF WE NEED TO) HAS BEEN APPROVED BY TYNWALD. BEING TREATED AS A PRUDENT OVERDRAFT, MEANING WE DON’T NEED TO CASH IN OUR INVESTMENTS WHICH WOULD CURRENTLY BE UNDERVALUED 

  • EU MIGHT BE SPENDING MORE PER HEAD BUT, FROM THE START, WE’VE FOUND SOLUTIONS THAT BEST FIT THE ISLAND’S SITUATION

  • WE DON’T HAVE ANY FORMAL PLANS FOR A GOVERNMENT WORKER PAY RISE LIKE WE’VE SEEN IN THE UK 

  • SKELLY AND DFE WILL TRY AND RELOCATE ENTREPRENEURS. WE WILL BE PUSHING FOR ENHANCED INITIATIVES TO DELIVER BETTER OUTCOMES, TO ENSURE WE ARE GETTING ROI FROM THE MONEY AND TIME WE SPEND ATTRACTING PEOPLE AND BUSINESSES

  • WE NEED TO BE CAREFUL ABOUT OUR APPROACH TO BUILDING DEBT, WE NEED TO UNDERSTAND ALL IMPLICATIONS 

  • COMIN ARE UNITED ON THE APPROACH TO TACKLING COVID, THIS INCLUDES THE BORDERS

  • WE NEED TO MAKE SURE THAT WE DON’T HAVE WHOLESALE SECTOR COLLAPSES. HENCE A DIFFERENT APPROACH FOR TOURISM AND TRAVEL

  • LOT’S OF CAPITAL PROGRAMMES ALREADY UNDERWAY THAT WE WILL SPEED UP, INCREASING LOCAL SPEND 

  • DFE MIGHT BE LOOKING INTO AIR BRIDGES WITH OTHER COUNTRIES, BUT ALF DOESN’T HAVE THE DETAIL

THANKS FOR LISTENING 

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