'Economic concerns growing' due to coronavirus

Treasury says £7m of contingency funding is available

The treasury minister says "economic concerns are growing" amidst the outbreak of coronavirus overseas.

Alf Cannan has today written to the President of Tynwald to outline "how the Treasury is intending to act."

There's currently £7m of contingency funding available, he says, to support the health and front-line services in tackling any Covid-19 outbreak on the Island.

Mr Cannan went on to say "our foremost consideration is the health and security of our people, closely followed by a need to act appropriately to help and support our economy."

"Treasury will act immediately and decisively if we consider it necessary to ask Tynwald for further funds to protect the health of our people."

Mr Cannan also confirmed staff from his department are in daily contact with colleagues in the Department for Enterprise, to "assess the economic impact from Covid-19 on local businesses."

He finished by saying "we simply do not know at this stage for how long and to what extent Covid-19 may impact on the economy."