A series of measures designed to boost the Manx economy will include ploughing ?50million into a new 'enterprise development fund'.
Chief Minister Allan Bell has unveiled proposals he says support the growth of new business and new jobs.
Bank lending to local businesses has fallen by more than half since 2009, while the local workforce has dropped by 775 over the past three years. Mr Bell says that to support an ageing population the economically active population has to increase by 500 to 1,000 people a year.
He said: 'Our plan will create an environment that nurtures entrepreneurs and innovation, and targets investment that drives growth.'
In the key measure, the government will commit ?50million over five years in direct funding to help young businesses to get going, help local companies enter the next phase of their growth, and help larger businesses to relocate to the Isle of Man.
Other measures include an extension to the zero per cent tax holiday to new commercial construction projects, introducing new regulations on crowdfunding to enable new and innovative ways of securing funding for entrepreneurs in the next 12 months, and changing the work permit system to encourage more people to relocate to the island.
Mr Bell says that a developer will be appointed by October this year for the key strategic sites on Lord Street and Parade Street, Douglas, and a masterplan for the Ronaldsway area will be developed.
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