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Reserves to finance Enterprise Fund

Support for Manx based companies

The Government is proposing re allocating tens of millions of pounds from the reserves into a new Enterprise Development Fund.

It will be aimed not only at developing new businesses, but also in supporting Manx based companies in their further development.

In addition, a relocation scheme will be aimed at larger businesses, encouraging them to set up here.

Despite continuing economic growth, the total number of people in employment in the Island has dropped by almost 800 in the past three years. 

With many having retired and some leaving the Island, that figure doesn't indicate a growing number out of work: the unemployment rate remains low.

The new initiative aims to increase the economically active population and in doing so, tax revenues. 

Economic Development Minister Laurence Skelly says £10 million will be allocated  to the fund each year for five years:

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