£50 million of taxpayers' money will be spent on fuelling entrepreneurship.
Chief Minister Allan Bell made the announcement in Tynwald yesterday saying it will drive growth and support the aging population.
The money will fund the 'Enterprise Isle package' - a set of initiatives to improve the economy, introduce new business sectors and boost jobs.
He says it will increase the working population by 500 to 1,000 people per year and help to cover the rising cost of pensions, health and care.
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