The upcoming Budget update will not signal major changes from the one backed by Tynwald in February.

Treasury Minister Alfred Cannan announced he will bring an update to July’s Tynwald as a response to the money spent following the outbreak of Covid-19.

He was asked by Jason Moorhouse (Arbory, Castletown and Malew) in the House of Keys this week what plans he has to include in his July Budget statement initiatives that would encourage people back to high streets.

Mr Cannan said: ’The Budget update statement in July is intended to be just that, an update to the Budget approved in February.

’But, and in addition, it does provide an important opportunity for Tynwald to consider the financial challenges we face as a result of Covid-19 and the appropriate financial and economic response now needed to take the island forward to a better future.

’In that respect, work is currently being undertaken to develop our economic recovery plan which includes analysis and assessment of all sectors of the island’s economy and will take into account the immediate, as well as longer term requirements to transition the economy to a better future.’

He said that the island must capture the opportunities brought by the Covid-19 pandemic.

Since the start of the outbreak, unemployment has reached record levels. The most recent figures, from April 2020, showed that unemployment was up 1.1% to 3.1% with 1,347 people registered as not in work.

The month saw 497 people join the unemployment register and represents an increase of 1,033 compared to April 2019. This was coupled with a decline in the number of jobs posted at the Job Centre.