The Isle of Man Government has said its review of the island’s economic strategy is intended as a ‘refresh’ rather than a full rewrite, with work now focusing on priorities such as energy security, regulation and international promotion.

Enterprise Minister Tim Johnston, answering on behalf of the absent Chief Minister Alfred Cannan during Tuesday’s House of Keys sitting, told members that the Department for Enterprise has been working with the Cabinet Office and Treasury to ensure the existing strategy remains ‘fit for purpose’ in light of global and economic changes since it was published.

He said two workshops had been held involving around 60 business leaders from across different sectors, alongside organisations including the Chamber of Commerce.

According to the Mr Johnston, feedback from those sessions showed broad support for the ‘core principles and ambitions’ of the current strategy, but highlighted a need for greater focus in certain areas.

‘There was a common theme that there was a need for greater focus on prioritisation, with particular emphasis on areas such as energy security, the legislative and regulatory environment, and the approach to international promotion,’ he said.

‘These findings have been considered by the Economic and National Strategy Board, and further work will be underway over the summer to develop options to support the new administration in determining next steps.’

Ramsey MHK Alex Allinson said the workshops had been ‘quite successful’ in bringing together a broad range of voices, but suggested businesses would benefit from a clearer statement of intent from government at this stage.

Mr Johnston said: ‘The important thing at this stage is to ensure that we are continuing to have close engagement with the sectors that we’re talking about here.

‘It’s not about rewriting the framework - it’s about assessing where we are.’