Isle of Man public finances 'acute concern' for business community

The coronavirus pandemic has exacerbated a historical issue, Caren Pegg said

The rebalancing of public finances is an "acute concern" for the business community on the Isle of Man, the Chamber of Commerce has said.

The issue is one of several highlighted in the body's business manifesto, which had been published ahead of September's House of Keys general election.

Chamber President Caren Pegg said the coronavirus pandemic had "only exacerbated" the situation.

The impact of the virus has cost the government more than £200m.

Before the pandemic, the Treasury had been on track to plug the public sector pensions deficit by the end of the 2020-21 financial year.

However, it is now though it will take an additional two years before the island's finances are back on track.

Caren Pegg said the document was the chamber's "agenda for change"

Other areas of concern highlighted by the chamber include the size and bureaucracy of government, skills shortages in the island's workforce, and a lack of consultation with the business community over new legislation.

Ms Pegg said: "There are certain historical issues that constantly crop up in chamber that for a long time the board has felt need to be prioritised in terms of getting our island on a sure economic footing."

"It's just all the more important that now we really need a plan and we need to know what the vision is, and we just need to go for it as an island collectively."

"We're acutely aware that this document doesn't have all the answers - it's a very ambitious list of big ticket issues that need tackling. This is ultimately our agenda for change."

The chamber is calling on voters to quiz candidates on their ideas for resolving the issues, and candidates themselves to take the concerns of the business community into consideration.

The general election is due to take place on 23 September.