Trade · Berlins Today
Image source, Manx Scenes
By Alex Blake
Isle of Man Residents, businesses, and charities say they are feeling the pinch of rising costs, with many describing the economy as a key priority ahead of the Isle of Man general election. Several independent shops in Ramsey reported declining custom and rising operational costs, while the island's foodbank noted a doubling of demand for support in two years. The Isle of Man Chamber of Commerce warned the island faces "a very hard five years" ahead, citing a shrinking tax base and the loss of many high-earning jobs. Candidates have been urged to explain how they will fund their plans, support businesses, and reduce pressures on working families. Residents in Douglas highlighted rising prices as a major concern, with Sharon Cox stating life is "not affordable, especially for older people and vulnerable people". Prices increased by 25 or 30 pence each visit. Caitlin Gibson, a mother of one, shared she struggles to save while caring for her young daughter, unable to afford to move out. Andrew Cairns noted rising fuel and energy costs as a significant monthly expense. Businesses, including Tania Dolores' shoe store and Amy Salter's Brunch cafe, described the last few years as challenging, with increased costs affecting profitability. Linda Murphy called for support for small businesses. The Isle of Man Foodbank reported increased demand, with 80% of supported individuals working full-time but earning insufficiently. Chairman David Gawne warned many families are just one payday away from needing food bank support. The Chamber of Commerce highlighted a 7.4% economic decline in the two years to March 2024 and warned of 1,000 job losses in the export sector, including financial, insurance, and manufacturing. They emphasized the need for national economic growth and international competitiveness.
Source: BBC
