£2m extra to drive economic growth

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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A government department has secured £2m of extra funding over three years to help drive economic growth.

The extra money for the Department of Economic Development will be focused on five key areas including strategies to attract more wealthy entrepreneurs to the island and to build links with the largely untapped market of the north of England, Scotland and Northern Ireland.

There’s also a marketing strategy to promote the island’s economy internationally and a country strategy to win further new business from China and the Middle East. And there will be a drive to boost visitor numbers and spending.

Six extra staff will be recruited, likely as contract workers, for this business development activity.

Economic Development Minister John Shimmin insisted less than half of the extra £2m would go on wages.

He said the priorities had been identified through the Vision2020 strategy. He said: ‘I am confident that for every additional £1 we spend, we will generate at least £3 for the taxpayer, representing good value for money.’

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