Covid Isle of Man: Rebalancing the economy 'will take two years'

It will take two years to rebalance the Isle of Man's books as a result of the coronavirus pandemic, according to the chief minister.

Howard Quayle said the island had been "on course" to post a £11m surplus this year, sufficient to "plug the public sector pension black hole".

However, the impact of Covid-19 has already cost the island £190m.

Mr Quayle said while "we can't be complacent, so far we are in a strong position" to recover within two years.

Reflecting on the island's response to the pandemic, he said the government had been forced to make "tough decisions" that "impacted people lives".

At the height of the pandemic, schools were closed, many businesses were forced to shut their doors, non-essential travel was banned and a 40mph national speed limit was introduced.

Some of the restrictions remained in place until 15 June when social distancing rules were lifted.

Strict isolation rules and border controls have been in place since March, and non-residents are still banned from visiting without special permission.

While preventing family visits was "most regrettable", Mr Quayle said the decisions were made "for the good of the island".

"We had no manual to refer to - we just had to do what we felt was right based on the evidence that we were given," he added.

A total of 380 people have tested positive for Covid-19 since March, 25 of whom died.

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