A new Local Economy Strategy will be considered at the January sitting of Tynwald, with the DfE asking for support for its plans.
The strategy is supported by an initial £2.4 million in funding, which businesses and local authorities across the island will be able to access.
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.
Implementation Plan
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.
Funding
Subject to Tynwald approval, a new Local Economy Fund will enable the strategy’s delivery.
The 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.
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.
Minister Tim Johnston said: “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.”
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