Treasury Minister issues assurance to business community

Treasury Minister Alfred Cannan MHK has today issued assurance to the business community that a huge amount of work is taking place to establish support measures to mitigate the impact of the coronavirus pandemic.

Minister Cannan said: ‘We are working flat out to get a further package of measures that will protect workers, support businesses and maintain financial security for the Island’s finances. I know this is beyond urgent and many of you are deeply worried but we must deliver in the best interests of all.

‘We are close to finalising. I said this week [in Tynwald] it would be next Tuesday. It will be earlier - help is coming.’

On Tuesday, Minister Cannan announced £40 million would be made available to the Contingency Fund along with the introduction of a National Insurance Holiday for employers in certain sectors, a grant of £3,000 for businesses in certain sectors and the introduction of a new sick pay compensation payments to mitigate the cost of paying employees in self-isolation.

He told Members: ‘These measures may not be enough. £40 million may not be enough - we may need more and much work continues on further support mechanisms both for business and individuals.

‘We will seek the recall of Tynwald if we need additional measures that require by law Tynwald’s authorisation. I will make a further public announcement regarding a second phase of improved financial measures on Tuesday 24 March.’