Current state of the economy

This morning I attended the Isle of Man Chamber of Commerce breakfast briefing. It was an insightful opportunity to hear directly from one of the Island’s leading business organisations about how they view the current state of our economy and the challenges facing businesses, and it gave me an opportunity to reconnect with key business stakeholders.

Their presentation contained some sobering statistics:

🎯Treasury figures show the Island’s GDP fell by 7.4% in the two years to March 2024

🎯More than 1,000 jobs have been lost in export sectors over recent years. These are the sectors that have generated two thirds of Government income.

🎯Entry-level professional roles are down by 50%. This is making it harder for young people to begin their careers here on the Island.

🎯75% of businesses responding to the Chambers survey say they have no confidence that governments economic vision aligns with business needs.

A growing economy creates jobs. It provides opportunities for our young people. It gives businesses the confidence to invest, and it generates the tax revenue needed to fund healthcare, education, housing and our public services.

That’s why I’ve already stated that a STRONG ECONOMY must be a priority for the new administration.

I want to champion policies that encourage investment, support local businesses, attract new industries, and ensure the Isle of Man remains a competitive place to live, work and do business.

A stronger economy is the foundation on which we build a better future for all residents.