Covid: Manx firms raise concerns over end to business support

The chamber of commerce said there were "important issues" the island's businesses "would like to have seen addressed"

The newly-announced 2022-23 budget for the Isle of Man is "unadventurous" but "financially prudent", the island's chamber of commerce has said.

Treasury Minister David Ashford outlined £1.15bn of government spending for the next financial year on Tuesday.

He said Manx businesses would need to plan to operate without further Covid-19 support in the coming year.

The chamber said that statement was concerning as it would leave firms "facing a very difficult situation".

Many firms have been hit financially by the island's coronavirus restrictions and border closure over the past two years.

'Important issues'

Mr Ashford said while government support had been provided, initially in the form of salary support and latterly through grants, payments would come to an end.

He told Tynwald that, "except for in the event of emergencies, businesses now need to plan to operate without further support".

"I am confident that the schemes have been largely successful in achieving their aims and the economy is in good health and ready and able to grow into the future," he added.

A chamber spokesman said the hospitality and tourism sectors were "facing a very difficult situation if... government does not support businesses in those sectors as they recover from the impact of the pandemic".

He said while there were "positives" in the financial plan of the forthcoming year, there were "important issues" that the island's business community "would like to have seen addressed".

They included the comparatively high cost of doing business on the island, particularly freight and utilities, investing in technology to improve government efficiency, and "more action" to attract inward investment and address the skills gap.

However, he added that the chamber would continue to work with the government to advise on "where and how opportunities for economic growth can be realised during the transition out of the pandemic".