Ministers give update to business community at Chamber event | Jan 2025
20 January 2025
More than 160 representatives from across the business community attended Isle of Man Chamber of Commerce’s 3 Ministers breakfast briefing, sponsored by Conister Bank.
The event at the Comis Hotel on Friday [Jan 17] opened with introductions by Rebecca George (Chamber CEO); Claire Watterson (Chamber President); and James Smeed, Conister Bank’s Group Finance Director.
Mr Smeed said Conister Bank was delighted to sponsor the popular annual event and thanked the ministers for their willingness to engage directly with the business community. This was followed by speeches from Chief Minister Alf Cannan MHK, Deputy Chief Minister and Minister for Justice & Home Affairs Jane Poole-Wilson, and Enterprise Minister Tim Johnston MHK.
The Chief Minister gave an update about the Government’s short and long-term priorities, including the challenges regarding health care, an ageing population, and the risks and rewards that AI could bring. However, he added that there were good reasons to be optimistic because of the opportunities created by the Island’s level of autonomy as a Crown Dependency, and its long track record as a secure and stable jurisdiction. He pointed out that the Island was weathering the economic storms better than many other jurisdictions, and there were opportunities created by its USPs such as comparatively strong economic growth, plus the many advantages derived from being one of the safest places to live and work. Looking ahead, he said his government was focused on turning economic opportunities into reality.
The Enterprise Minister spoke about policies and projects to support economic growth, including the Sustainable Finance Initiative, and the role played by the Island’s UNESCO Biopshere status. The Deputy Chief Minister explained the importance of ensuring the Isle of Man continued to be a safe and secure place to live, followed by a summary of measures being taken to strengthen border controls and fight the growing threats posed by organised crime. She also spoke about the role that crime prevention and detection plays in maintaining the integrity of the Island’s finance sector.
The Ministers then took part in a Q&A session – chaired by Chamber’s immediate past-president Kristan McDonald – featuring questions from the audience, plus some submitted online. Key topics raised included:
- Opportunities & challenges for economic growth
- Policies to attract inward investment & address aging population challenges
- Manx Care costs & private health care issues
- eGaming sector regulation & the role of the Gambling Supervision Commission
- Border security, immigration & related issues regarding infrastructure, housing, health care & education
- Air travel problems
- The Island’s net-zero strategy
- Public sector final salary pensions
- Tax issues (including how taxation impacts younger, lower paid workers)
- Issues regarding opening business bank accounts
Chamber President Claire Watterson closed the breakfast briefing by thanking the Ministers, guests and event sponsor for their support. On February 21st the Chamber of Commerce will be hosting a Budget Briefing event (sponsored by Appleby and Celton Manx) with Treasury Minister Dr Alex Allinson MHK, also at the Comis Hotel. Click here for details or go to the events section of www.iomchamber.org.im
Click here to view all questions submitted via Slido before and during the event, ranked by the number of upvotes.