Statement in response to IOM Budget announced on July 21st |2020

Statement in response to IOM Budget announced on July 21st |2020 Isle of Man Chamber of Commerce has responded to the Budget announced this week by Treasury Minister Alf Cannan MHK.

Date: Friday 24 July 2020

Statement in response to IOM Budget announced on July 21st |2020

Isle of Man Chamber of Commerce has responded to the Budget announced this week by Treasury Minister Alf Cannan MHK. The Island’s biggest business network says that Government’s decision to continue to provide support through a number of schemes that are designed to help firms recover from the impact of the Covid crisis is clearly welcome news for those organisations that will benefit from those schemes. In particular, Chamber is pleased to see that the schemes – which were set-up at the start of the crisis – will now be enhanced to more accurately target the sectors or organisations that are most in need.

A Chamber spokesperson said: “Government has clearly recognised the need to focus on continuing to help some of the most badly hit sectors of the economy. Obviously all businesses affected by the Covid crisis would like to receive financial support. However, it is recognised that Government has to carefully manage public spending and that it must aim to achieve a balanced approach which is clearly very difficult. One concern we have is the question of how the business support packages will be paid for in the medium and long term as it seems very likely that certain businesses and sectors will require support for a significant time. The Budget appears a little light in detail regarding how this concern will be addressed. Further, Chamber considers that other important economic and financial considerations such as the scale and cost of government, as well as potential government reform, also need to be addressed as a matter of priority. Chamber looks forward to receiving more detail in relation to these issues in the coming months.