Isle of Man News - POSTED Wed 23-01-2019

Brexit impact on Island business to be monitored 'day by day'

by TH

Brexit impact on Island business to be monitored 'day by day'

Brexit will be monitored ‘as it develops day by day’ in order to address the needs of Island businesses.

That’s the message from the Enterprise Minister who says his department will offer a ‘pragmatic and responsive approach’.

Laurence Skelly was quizzed on the level of support which would be available when the UK leaves the EU.

In the House of Keys yesterday he said his department is working closely with the Cabinet Office and other parts of government to prepare.

He told his political colleagues: "Towards the end of last year, as part of our contingency plans to help business prepare, the Department published a simple ‘checklist guide’ for business with points of contact for assistance together with answers to essential questions.

"This guide also highlighted changes that might be ahead for importers and exporters.

"In terms of enhanced support, at the same time and recognising each business is unique, we also introduced a new grant to help businesses with the costs of seeking any specific Brexit related consultancy advice that may better help them prepare and manage risks.

"Looking ahead we recognise that certain businesses could be more vulnerable to Brexit-related delays or other unexpected shocks to their ability to operate and so we have also reviewing our financial support schemes to ensure we have the appropriate mechanisms in place to cater for such eventualities and short-term disruptions.

"Looking longer term we already offer marketing support grants for all exporters looking to develop new markets and we will continue to undertake promotions in different markets, working with businesses and trade bodies."

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