The government’s new economic strategy will be ’bottom up’ rather than ’top down’, says Enterprise Minister Laurence Skelly.

The Department for Enterprise’s four executive agencies will complete their business plans in October.

After the DfE replaced the former Department of Economic Development, four agencies were created: Finance Isle of Man, Digital Isle of Man, Business Isle of Man and Visit Isle of Man.

They were tasked with driving economic development in each of their areas.

The current Vision 2020, composed by the former DED, was a ’top down’ strategy, said Enterprise Minister Laurence Skelly.

objectives

’With the development of the executive agencies, the future economic strategy that will replace Vision 2020 will be "bottom-up", incorporating the objectives in the agencies’ one to three-year business plans,’ he said.

’These business plans will be shorter-term and more detailed in nature than the previous high-level economic strategies of Vision 2020 and Economy 2014.’

The business plans will be completed in October, said the minister, ’following which the Department for Enterprise will produce an over-arching summary drawing together these plans’.

He added: ’This will then allow for a further broader discussion on the island’s overall economic strategy.’

Mr Skelly was responding to a written Tynwald question tabled by Kate Lord-Brennan MLC.