Manx businesses want economic strategy rethink, lobby group says

The Chamber of Commerce says there are serious concerns about the Manx economy

Manx businesses want a stronger focus on the government's economic strategy, a business lobby group has said.

An Isle of Man Chamber of Commerce survey showed only 6.4% of firms said they believed the government's current strategy would be completed "as promised".

About 74% said they would feel more confident investing if there was more "certainty over government policies".

The BBC has contacted the government for a response.

Chamber President Kristan McDonald said the survey showed "more clarity on actions, deliverables and timelines" was needed.

The government's economic strategy, which was approved by Tynwald in November, included an aim of creating 5,000 more jobs on the island.

However, the latest survey of businesses showed that 52% expected their workforce to remain the same over the next three months, with a further 15% expecting it to drop instead.

'Urgent action'

Launching the strategy last year, Chief Minister Alfred Cannan said the document, which is a long-term plan to raise GDP to £10bn, offered a "once in a generation opportunity to seismically shift the future direction of the Isle of Man's economic outlook".

Of the 64 firms that took part in the survey, fewer than 45% believed the strategy would have a positive impact on their business.

About 83% felt "government red tape" was preventing them from investing or hindering growth, while 83% felt the consistency and reliability or air routes had not improved since last year.

Mr McDonald said: "With 93% of respondents believing the economic strategy will not achieve the goals for growth that government has set out, the message from the business community is loud and clear."

The chamber now wanted "urgent action and stronger leadership to help restore confidence, and support economic growth", he said.