On Air Early Breakfast Chris Williams | 5:00am - 7:30am

Enterprise fund 'key' to growth - KPMG

Economic outlook highlights diversification

A leading figure in the Island's business community says a government fund to assist the private sector will play a vital role in shoring-up the Manx economy.

Fifty million pounds has been pledged to an Enterprise Development Fund to support start-up businesses, and attract new firms to the Island.

Chief Minister Allan Bell has described entrepreneurs and innovators as the 'engine room of the economy', creating jobs and tax revenues to fund public services.

Managing director of accountancy firm KPMG in the Island Mike Fayle says efforts to diversify the economy and ensure it relies less on financial services, are crucial.

He says while the fund is no panacea, it's a major step in the right direction:

More from Isle of Man Business