Government monitoring proposed business rate cuts announced in England

Policy to support licensed trade announced by UK PM last week

The Manx government says it's closely monitoring measures announced in England to reduce business rates for pubs, clubs and live music venues.

The reduction was one of the first policy announcements from new UK Prime Minister Andy Burnham.

In a statement issued to Manx Radio, Government says that while the Island's economic conditions and rating system differ, and rates paid by businesses are generally significantly lower, it's recognised that local businesses face pressure in other areas.

The government statement goes on to say that it will continue to assess developments in the UK and their potential implications for the Island as the proposals progress.

It's pointed out that the Department for Enterprise is one year into delivering its long-term Local Economy Strategy, developed following an assessment of the Island's retail, hospitality and leisure sectors and tailored to their specific needs and opportunities.

The strategy is supported by an initial £2.4 million of funding to deliver targeted support schemes to help businesses invest in their premises.