The Economic Recovery Group was established in 2020 as a cross-Government initiative to invest in projects and implement measures to support the economy as part of the Isle of Man’s financial fightback from Coronavirus.
Work through the Economic Recovery Group included initiatives to accelerate capital projects, retain and upskill our people and stimulate local demand.
The Economic Recovery Group was chaired by the Treasury Minister and Minister for Enterprise, with representation from senior Government officers, and met regularly to consider papers and strategic direction for the programme, seeking to capitalise on agile, rapid decision making processes that were adopted during the coronavirus pandemic and accelerate cross-Government thinking for the good of the Isle of Man.
The Economic Recovery Programme was focused on six strategic work streams:
The ‘Our Business’ work stream, led by Caldric Randall, Chief Financial Officer for Isle of Man Treasury, focused on short term activity to protect businesses, industries and jobs in the Island with the challenges presented by coronavirus, through a transition period and to help put them in a strong position for the future. This work included developing the strategic approach to Isle of Man Government’s financial support schemes, investment fund and Government backed loan schemes.
The 'Our People' work stream, led by Julie Bradley, Manx Industrial Relations Officer, was created to ensure there is sufficient education, training and workplace opportunities, to reduce the risk of high levels of unemployment and to provide skills that our industries require, both now and in the future.
Projects progressed through ‘Our People’ include:
The ‘Our Island’ work stream was led by Sheila Lowe, Executive Director at Cabinet Office. The Stream’s main aim was to stimulate and support new jobs and help transform our Island. The main principle of this pillar was to focus on stimulating the Construction sector via the acceleration of Capital projects.
Projects progressed through ‘Our Island’ include:
The 'Our Domestic Economy' work stream was led by Peter Boxer, Head of External Relations for Cabinet Office and has helped businesses that serve our domestic economy to recover from the lockdown through projects that incentivise spend, stimulate demand in local businesses and breed confidence.
In doing so, the Group sought to ensure that Manx businesses feel supported and nurtured, encourage changes in consumer behaviour from off-Island to on-Island spend and contribute to a thriving local economy.
Projects progressed through ‘Our Domestic Economy’ include:
'Our Future’, led by Mark Lewin, Chief Executive of the Department for Enterprise, aims to deliver and accelerate projects which offer significant economic benefits in the longer term (1-5 years), including developing new business sectors and improving local infrastructure now for 2021 and beyond.
Projects progressed through ‘Our Future’ include:
As outlined in the Island Plan, a key project which the Economic Strategy Board will be responsible for progressing and delivering is the long-term Economic Strategy for the Island, commissioned in 2021.