The Department of Trade and Industry has started consulting on its policy for economic support.

It’s part of the Department’s efforts, it says, to progress the Enterprise Bill 2007.

The objective of the exercise is to put department support, where desired, for a wider range of both types of business and types of financial support than that offered at present.

The impetus behind this is the evolving economy and the DTI says it needs the ability to respond quickly and flexibly to economic need.

Minister David Cretney says he ‘hopes the exercise will produce constructive responses from a range of stakeholders to ensure the DTI continues to support the needs of the economy and community.’

We are told the Industry Board Act 1981 has provided the DTI with the powers to make financial assistance available to businesses that fall under the definition of “industrial undertaking” as defined in that Act.

This definition has been updated on a number of occasions, most recently in 2001.

While it has served the DTI well, the definition is unable to be extended further without it becoming too far removed from the Act’s original intention.

The new bill is intended to replace the Industry Board Act to provide primary legislation that is more suited and flexible to support the needs of the Isle of Man’s economy today and in the future.

It will enable the DTI to continue to support the range of businesses currently assisted and to encourage the attraction of new inward investment.

The consultation paper can be found at: www.gov.im/dti