Ministers give update to business community at Chamber event | January 2024

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24 January 2024

Highlights

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Well over 100 representatives from across the business community attended Isle of Man Chamber of Commerce’s ‘3 Ministers’ breakfast briefing, sponsored by Conister Bank.

The event, held at The Comis Hotel, began with a speech by Chamber President Kristan McDonald, followed by the Chief Minister Alf Cannan MHK, Treasury Minister Dr Alex Allinson MHK, and Enterprise Minister Tim Johnston MHK giving progress reports about the ‘Our Island Plan’ economic strategy.

The Ministers then took part in a Q&A session with questions from the audience, plus some that were submitted online. Key topics that were raised included:

Government economic policy, plans for growth, revenues & debt management;
The IOM’s electoral system & whether some type of reform is needed;
Immigration & work permits;
Tax policy & the upcoming Budget;
What the private sector can do to support Government’s economic growth strategy;
Questions about challenges facing the hospitality sector, including energy costs, staff shortages & concerns about the minimum wage.

Chamber President Kristan McDonald closed the breakfast briefing by thanking the Ministers, guests and sponsor for their support.

Speaking after the event, Chamber CEO Rebecca George commented: “As always, this breakfast briefing proved to be extremely popular with our members who appreciate Ministers giving up their valuable time to engage directly with Chamber and the wider business community. It’s an excellent way to look forward to the year ahead, and one example of how there is a willingness on the Island for the public and private sectors to work together towards shared goals. But is also serves to highlight some of the concerns that businesses have in what are very difficult and challenging times for firms in many sectors of our economy.”

Douglas Grant, Conister Bank’s Managing Director, said: “We were delighted to sponsor this year’s 3 Ministers Event and recognise the importance of providing a platform for government Ministers to articulate their visions and plans for the Island’s future development. We believe in creating platforms where leaders can connect, share insights, and collaboratively shape a prosperous future. In this context, this Chamber of Commerce event aligns perfectly with our belief that cultivating relationships and establishing a strong community presence are pivotal for business success.”