Businesses to hear more financial support details

Tynwald to consider measures to help local businesses

Manx businesses looking for financial support from the Government during the coronavirus crisis can see more details of that support in this afternoon's sitting of Tynwald.

The Financial Provisions and Currency Order will allow the Government to buy legal title to assets, defined as land, property and equipment, in return for cash.

The measure emphasises that any business must be able to demonstrate they will be able to maintain employment.

It's off the back of the Strategic Investment Fund, announced at the end of March by Treasury.

It's been decided that the best way to provide this support is under the Financial Provisions and Currency Act 2011, but that needs Tynwald approval to allow the asset purchase envisaged. 

The order is among the latest dozen, brought in under emergency powers legislation, which will be presented to what will be a virtual sitting of the Court.