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IOM GOV UPDATE – 28TH APRIL

Published

6 years ago

on

GOOD AFTERNOON, SORRY FOR THE DELAY 

NUMBERS

  • REGRETTABLY I HAVE TO REPORT ONE FURTHER DEATH – CONDOLENCES TO ALL AFFECTED

  • 1 MORE CONFIRMED CASE 

UPDATE

  • MORE SECTORS HAVE BEEN ADDED TO BUSINESSES SUPPORT SCHEME AND SALARY SUPPORT SCHEME

  • £6.5 MILLION HAS ALREADY BEEN PAID OUT 

  • NEW SINGLE EMPLOYEE SCHEME PLAN TO PAY £5.3 MILLION OVER THE NEXT 3 MONTHS

  • MERA WILL PAY OUT A FURTHER 14 – DAYS TO SUPPORT THOSE RETURNING TO WORK WAITING FOR NEXT PAY CHECK

  • 2141 SMALL BUSINESSES AND INDIVIDUALS HAVE NOW BEEN PAID

  • KEEPING JOBS OPEN AND BUSINESSES RUNNING 

  • ALSO HELPING BUSINESSES WITH DEFERRED PAYMENT – DEFERRED 11.8 MILLION IN VAT AND 2.4 MILLION IN TAXES

  • 1667 CLAIMING MERA 

  • 1400 PEOPLE NOW CLAIMING JOBSEEKER – 250% INCREASE

  • CLAIMS ARE NOW BEING PROCESSED IN 5 WORKING DAYS 

  • BUT WHAT WILL HAPPEN WHEN MERA & WAGE SUPPORT SCHEMES END?

    • SOME WILL BE BACK IN WORK 

    • OTHER MIGHT NOT BE ABLE TO RETURN – AND MIGHT NEED MORE SUPPORT

    • ACTIVELY CONSIDERING HOW TO EXTEND SUPPORT SCHEMES WORKING WITH DFE ON THIS 

  • IMPACT ON ECONOMY IS UNCERTAIN – FORECASTING A SIGNIFICANT REDUCTION IN GOV REVENUE

  • NEW LOAN LEGISLATION MEANS IOM CAN BORROW – AWAITING ROYAL ASSENT

  • THEN ALF WILL ASK TYNWALD IF WE CAN BORROW UP TO £250 MILLION IN THE MEDIUM TERM 

  • THIS MEANS WE DON’T NEED TO ACCESS GOVERNMENT RESERVES WHICH ARE INVESTED IN STOCK 

  • UPDATED BUDGET DUE IN JULY 

  • ALF WANTS TO RECOGNISE THE COMPANIES THAT ARE WORKING HARD AND IMPROVING THEIR BUSINESS WITH OR WITHOUT GOVERNMENT SUPPORT 

  • GOV ARE PAYING TO SUPPORT HUNDREDS OF BUSINESSES AND THOUSANDS AND EMPLOYEES 

” I DON’T UNDERESTIMATE HOW TOUGH THIS IS FOR MANY”

QUESTIONS

  • TRANSPARENCY FROM TREASURY IN GOV PHASING STRATEGIC DOCUMENT – IT WON’T INCLUDE COMPLETE FINANCIAL OVERSIGHT UNTIL JULY 

  • THOSE WHO NEED TO COMMUTE TO THE UK – BORDER CONTROL IS AN ONGOING ISSUE – ALLOWANCES WILL BE MADE FOR INTERNATIONAL WORKERS IF THEY ARE KEY TO SOCIETY – MORE ON THIS FROM HOWARD TOMORROW

  • ON CRITICISM FROM SMALL BUSINESSES WHO FEEL THEY ARE BEING ‘HUNG OUT TO DRY – BROADLY SPEAKING THE MONEY IS GETTING TO PEOPLE WHO NEED IT,  MILLIONS OF POUNDS OUT NOW 

  • SALARY SUPPORT SCHEME – LOOKING IN TO EXTENSIONS WHERE REQUIRED, SOME SECTORS WILL NEED IT MORE 

  • DEATH IS REGRETTABLY FROM ABBOTSWOOD CLUSTER

  • ON THE ADDITIONAL £250 MILLION IN BORROWING – WILL OUR FUTURE ECONOMY BE BUILT ON DEBT? ACTING PRUDENTLY TO ENSURE WE HAVE SUITABLE RESOURCES. WE’LL KNOW MORE IN JULY 

  • ARE GOVERNMENT BONDS ON THE HORIZON? – SUFFICE TO SAY WE WILL BE CONSIDERING OUR OPTIONS. 

  • RESERVES ARE STILL THERE – I MIGHT ADD – BUT AS MARKETS ARE DOWN WE WON’T REALISE TRUE VALUE 

  • IOM GOV ALREADY HAVE £60 MILLION LOAN SCHEME – GOV UNDERWRITING 80% – THIS IS NOW STARTING TO BE ACCESSED – MORE UPDATES TO FOLLOW

  • TAX HIKE VS GOV CUTBACKS – LACK OF UNDERSTANDING, WE’LL BE LOOKING AT A WIDE RANGE OF OPTIONS. NEED TO FOCUS TO ENSURE WE ARE TAKING THE BEST ACTION TO SUSTAIN THE ISLAND 

  • RECESSION + GOV CUTS MIGHT NOT SENSIBLE

  • ON CONSULTING FINANCE EXPERTS – WE HAVE OUR OWN ECONOMICS DEPARTMENT AND WE’RE LIAISING WITH DFE AND CHAMBER. 

  • HIGH NET WORTH BUSINESS OWNERS WITH PERSONAL WEALTH SEEKING GOV SUPPORT – NO ISSUES. 

  • 65+ THERE ARE RESTRICTIONS AROUND MERA – DEPENDS ON CIRCUMSTANCES

  • BROADLY SPEAKING WE’VE ACHIEVED A LOT 

  • ON THE PHASES THAT WERE ANNOUNCED TODAY – TIMING UP IN THE AIR – ALL BEING GOOD – WE SHOULD BE DISCUSSING PHASE 2 OF RETURN NEXT WEEK 

  • ON CHAMBER SURVEY STATING 27% BUSINESSES WILL FAIL – NOBODY WANTS TO SEE BUSINESSES FAIL- WE NEED TO DUE DUE DILIGENCE ON PUBLIC FUNDS – IT’S A QUESTION OF BALANCE 

  • ARE WE GOING TO NEED TO BORROW MORE THAN £250 MILLION? PROBABLY 

  • “AS MUCH AS ASHY IS CAUTIOUS ABOUT C-19 RECOVERY, I AM CAUTIOUS ABOUT BORROWING”

  • BORROWING CAN SOMETIMES BE THE EASY WAY OUT – WHILE WE HAVE FISCAL CONTROL WE DON’T HAVE CONTROL OVER THE MONETARY POLICY 

  • PM: HELLO THERE ALF – WE’VE ALWAY HAD A GREAT CREDIT RATING, WILL BORROWING AFFECT IT?

ALF: DONE IN THE RIGHT WAY, WITH A PLAN, IT SHOULDN’T AFFECT OUR RATING. WE STILL HAVE SUBSTANTIAL RESERVES, THEY WILL RECOVER 

  • EXIT STRATEGY – EVEN IF WE ERADICATE C-19 ON ISLAND, WE NEED TO KEEP AN EYE ON WHAT IS HAPPENING IN THE UK AND FURTHER AFIELD 

SHOUTOUTS

  • 400+ VOLUNTEERS HELPING WITH HELPOUT.IM – SHOPPING AND DOG WALKING 

  • KIRK MICHAEL PHARMACY 

  • STEAM PACKET CREW

  • TRACEY NICHOL CLARKE – RAISING MONEY FOR CARE PACKAGES 

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