Chamber Event Focuses on Island’s Future Economy
The future of the Island’s economy was the focus of a Chamber of Commerce event held this week at the iMuseum.
It featured insights from Chamber Board Members, a panel discussion and audience Q&A, and a presentation by guest speaker, James Kingston, titled ‘CDOT (Crown Dependencies & Overseas Territories) Future: embracing British dynamism’. Some General Election candidates were among those who attended the Chamber event which was titled ‘The Future of the Isle of Man Economy’ on 21 July.
Chamber CEO Rebecca George commented: “As the Isle of Man approaches General Election polling day on 24 September, there has never been a more important time to focus on the decisions that will shape the Island's long-term economic future. Today’s event was an opportunity to explore the current state of the economy, Chamber's vision for long-term growth, and the practical actions needed to strengthen the Isle of Man's position in an increasingly competitive global economy.”
The event this week was part of an ongoing Chamber of Commerce campaign to ensure that economic and business issues are at the centre of discussions among candidates and voters in this year’s General Election. Chamber launched the campaign in April, with a warning that the Island has experienced its most serious economic contraction in a generation. Official statistics show the Isle of Man economy contracted by an estimated 7.4% in the two years to March 2024 - among the most severe contractions the Island has experienced in living memory, and worse than the UK's peak-to-trough decline during the 2008 financial crisis. Chamber says around 1,000 jobs have been lost from key sectors including financial services, e-gaming, manufacturing and tourism. These are the sectors that have generated the Island’s economic growth for decades, so these losses affect everyone on the Island.
Chamber also warns that without urgent action to restore growth, the Island risks falling into a cycle of declining opportunity, rising pressure on public services, and long-term economic decline. Chamber’s campaign is based on direct feedback from its members, its sector forums, and business leaders across the Island, alongside the business network’s ‘Future of the Economy’ work.
Earlier this year, Chamber produced a paper about the future of the Isle of Man’s economy (go to www.iomchamber.org.im/policy-voice) built on sessions with Chamber’s Gold Members (longstanding corporate supporters), conversations across the wider membership, and input from sector leads and the Chamber Board.