Tynwald approves multi-million pound Local Economy Strategy

Plan hopes to transform and revitalise the Island's retail, leisure and hospitality sectors

Tynwald members have approved a multi-million-pound Local Economy Strategy aimed at transforming the Isle of Man's high streets.

The strategy, developed by the Department for Enterprise, will provide financial assistance to support projects across towns, villages, and the capital, with £2.4 million in initial funding already allocated.

The approved plan focuses on supporting retail, leisure, and hospitality businesses over the next decade, with an updated emphasis on resolving parking and accessibility challenges.

However, a previous commitment to attract private sector investment for leisure and business spaces has been removed.

The strategy also includes the relaunch of the Town and Village Regeneration Scheme, providing grants to improve commercial premises, civic spaces, and overall urban appeal.

It's expected to reduce the number of empty properties, boost footfall, and revitalise local communities.