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Cannan commits £100 million worth of economic support

New welfare benefit of £200 a week made available

The Treasury Minister Alfred Cannan has revealed a raft of measures to keep the Manx economy afloat during the coronavirus pandemic.

He's committed around £100 million from government reserves, to offer what's been described as a 'comprehensive package of support'.

It includes a new welfare benefit of £200 a week for those who've lost their job or are unable to work due to the virus - this will come into operation on 6 April.

A wage support package is being made available to employers, offering £280 a week for 12 weeks to pay every full time equivalent member of staff.

It will be backdated to cover March's payroll.

Businesses will be give the option to defer VAT payments between now and June this year, interest free.

Case by case deferral of tax and national insurance payments will also be available for 'businesses in difficulty'.

A £3,000 grant scheme was introduced last week to give businesses in certain sectors immediate assistance.

A special fund will also be introduced to help business retain critical assets.

Mr Cannan admits the measures he's unveiled today (23 Mar) may not save all jobs and businesses:

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