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ALF’S ECONOMIC UPDATE – 30TH SEPT

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6 years ago

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HOSTED BY TREASURY MIN, ALF CANNAN 

HERE TODAY TO GIVE AN UPDATE ON THE C-19 £100 MIL ECONOMIC RECOVERY PLAN…

  • WE’RE IN A BETTER POSITION THAN WE THOUGHT WE WOULD BE AT THIS POINT 

  • ALTHOUGH WE HAVE OUR IOM BUBBLE, THERE ARE STILL SERIOUS CHALLENGES AND THREATS 

  • JOBS, ECONOMICALLY STABILITY AND FUTURE INVESTMENT ARE THE FOCUS

  • WE WANT TO PROTECT JOBS AND INVEST IN OUR FUTURE 

*PROACTIVE AND REACTIVE RESPONSE* IS THE THEME OF THE PRESENTATION 

UNEMPLOYMENT 

  • PEAKED @ 1350 APR / MAY 

  • DECLINED TO – 881 (LAST COUNT)

“ENCOURAGED BUT NOT COMPLACENT”

JOB VACANCIES 

  • VACANCIES ‘FELL  OFF A CLIFF’ FROM 1,000 VACANCIES IN JAN TO 200 IN APRIL (PEAK CRISIS) 

  • SINCE WE STARTED ‘OPENING UP’, VACANCIES  HAVE RETURNED TO LEVELS WE WERE PREVIOUSLY SEEING 

GOV SUPPORT ROUND UP 

  • SALARY SUPPORT: £41 MIL IN SALARY SUPPORT = 11K EMPLOYEES

  • MERA: £6 MILLION IN SUPPORT = 919 INDIVIDUALS 

  • 2 ROUNDS OF THE BUSINESS SUPPORT SCHEME 

  • STRATEGIC CAPACITY SCHEME – INFRASTRUCTURE AROUND HOTELS 

“SOME BUSINESSES MAY STILL BE MAKING REDUNDANCIES, SO WE’LL KEEP AN EYE ON IT”

PUBLIC FINANCE

  • RESERVES HAVE RECOVERED TO THE LEVELS THEY WERE PRE PANDEMIC 

  • MEETING REGULARLY WITH INVESTMENT MANAGERS, TO MAKE SURE MANX MONEY IS PROTECTED 

INTRODUCING THE ‘ECONOMIC RECOVERY GROUP’

NOT A PANACEA* BUT A NECESSARY CENTRAL BODY FOR ECONOMIC ACTION 

*In Alf’s top 10 fave words

KEY AREAS: PEOPLE, ISLAND, DOMESTIC ECONOMY, FUTURE 

OUR PEOPLE 

  • £900K TO UCM TO CREATE RETRAINING COURSES 

  • £1 MILLION TO ALLOW 60 ADDITIONAL STUDENTS TO ACCESS HIGHER ED IN THE UK 

  • £1.75 MILLION RESTART SCHEME – 120 NEW JOBS FOR LONG TERM UNEMPLOYED 

OUR ISLAND

  • £1.5 MILLION IN ACCESSIBILITY IMPROVEMENT GRANTS 

  • £1 MIL TOWN AND REGENERATION SCHEME 

  • PREPARING FOR A NEW TOURISM SEASON WHENEVER, THEN MAY OCCUR 

OUR DOMESTIC ECONOMY 

  • £500K TO LAY ON REGIONAL EVENTS TO INCREASE SPENDING IN TOWNS 

FUTURE 

  • £1.4 MILLION TO ACCELERATE FIBRE ROLL OUT

  • £500K TO SPEED UP MEDICINAL CANNABIS SECTOR LEGISLATIVE FRAMEWORK FOR 2021

  • LONG TERM STRATEGY DUE IN SPRING – SPRINGBOARD FOR THE NEXT GOVERNMENT

IN CLOSING 

  • C-19 = CRISIS BUT ALSO OPPORTUNITY 

  • THE ECONOMY IS IN AN ENCOURAGING POSITION 

  • IF THE SH!T HITS THE FAN AGAIN, WE HAVE THE ABILITY TO SWITCH ON SUPPORT SCHEMES TO KEEP THINGS STABLE (PLAN B)

  • IF UNEMPLOYMENT RISES – DIRECT GOVERNMENT SCHEMES WILL BE ROLLED OUT 

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