Tynwald, the Isle of Man’s Parliament, is to consider long-term strategy and support for Island’s Local Economy at its January sitting.
The Local Economy Strategy seeks to ensure the Island is a great place to live, supporting vibrancy and distinctiveness in our city, towns, and villages by empowering communities and enabling retail, leisure, and hospitality businesses.
Tynwald approval will also be sought to relaunch the Town and Village Regeneration Scheme to support the delivery of the Strategy, and provide financial assistance to improve the appearance of commercial premises and create civic amenity projects within the Island’s city, towns and villages.
Business Isle of Man, an Executive Agency within the Isle of Man Government’s Department for Enterprise, has submitted the 10-year Strategy to Tynwald after extensive consultation with the Manx public, local businesses and Local Authorities, following the publication of the draft Strategy in August 2024.
The Strategy is supported by an initial £2.4 million in funding, which businesses and Commissioners across the Island will be able to access. The consultation undertaken supported the guiding principles detailed in the Strategy and included a public survey, in-person feedback sessions and written responses from Local Authorities and trader groups.
Feedback evidenced that residents desire broader retail and leisure provision and that securing financial support for local businesses was crucial to delivering the Strategy’s desired outcomes. Consultees advised that reducing barriers to business and transforming vacant spaces should be strategic priorities.
An Implementation Plan supports the Strategy and progress will be measured and monitored against the desired outcomes of:
- Reducing vacancy rates for empty shops across the Island by 10% year on year resulting in increased consumer choice and job growth.
- Increasing footfall in Douglas and seven town and villages across the Island measured by footfall monitors.
- Improving the attributes of the Island’s towns and urban areas – measured by, surveys, stakeholder engagement, and independent research.
Tim Johnston MHK, Minister for Enterprise commented: “I am pleased to bring forward the Local Economy Strategy and to relaunch the Town and Village Regeneration Scheme. Business Isle of Man has made sure that consultation with businesses, residents and Local Authorities has been at the heart of formulating the Strategy. This Strategy sets a clear vision and a roadmap to ensure the Island remains a great place to live and work in line with the ambitions of the Island Plan.
“This investment into our Local Economy is based on community-led decision making and the empowerment of Local Authorities. It is a call to action for Local Authorities, businesses, and residents to work towards the vision they have for their communities, and for the Government to show equal dedication to facilitating their efforts. I look forward to bringing this important Strategy to Tynwald in the New Year.”
The Strategy is supported by a proposal to relaunch and enhance the Town and Village Regeneration Scheme. This Scheme has the potential to stimulate significant improvements in commercial units across the Isle of Man and will provide financial support for investment in exteriors and interiors.
Subject to Tynwald approval, a new Local Economy Fund will enable the Strategy’s delivery. This fund will provide support to trader groups and Local Authorities, empowering them to trial new concepts and implement ideas that have the potential to generate footfall and breathe new life into the Island’s high streets.
The Strategy also proposes extending and broadening the Domestic Event Fund to stimulate, catalyse and de-risk events that increase high street footfall and encourage longer dwell times through events and pop-up shops.
The Local Economy Strategy along with the Consultation Response Summary and Implementation Plan can be viewed here.
