Business news | Businesses on the Isle of Man request "critical support" as costs rise

Manx businesses need "vital support" from the government amid a "cost of doing business crisis", the Isle of Man's chamber of commerce has said.

The lobbying organization claimed in an open letter that all industries required assistance "right away" due to problems with growing energy prices, inflation, and borrowing rates.

Next month, gas prices will increase by 43.9%, and inflation is at an all-time high.

This week, the Manx government plans to announce a support package targeted at lessening the effects of growing costs.

Before the announcement, several food-related businesses on the island announced they would have to shut down due to rising prices.

In a different announcement, the Épernay restaurant in Douglas' North Quay stated that it would be closing "for the foreseeable future due to present trading circumstances."

Cost pressures

Although high prices were affecting the "whole community," the chamber of commerce, which speaks for more than 500 firms on the island, said the government needed to do more to support enterprises.

It has demanded particular assistance for workers who are not receiving benefits but are under the "same pressure on bills, but with less discretionary money." It has also asked for a shipping cost cap and the creation of more inexpensive homes.

Due to "severe" labor shortages, the body also wants to see further liberalization of visa regulations and increased efforts to encourage people to enter the workforce.

Among the other demands is one for a thorough independent assessment of the Isle of Man government's Living Wage after a math error was found.

The chamber claimed that this "fueled unwarranted inflation" and "came as a shock" to members.

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