LISTEN: Chamber President, Caren Pegg talks to Manx Radio about the latest results and the economic impact of the current situation on the local economy | April 2020

Second Chamber survey shows concerns about cash flow, and optimism about potential impact of government support | April 2020

Date: Friday 17 April 2020

LISTEN: Chamber President, Caren Pegg talks to Manx Radio about the latest results and the economic impact of the current situation on the local economy 

The second in a series of weekly surveys carried out by Isle of Man Chamber of Commerce has shed more light on the challenges facing businesses as a result of COVID-19.

The Island’s biggest business network created its ‘Impact Tracker’ surveys to serve as a barometer of the pandemic’s impact on businesses and the effectiveness of government support measures. The results of the second weekly poll - conducted between 8th and 15th April – are based on responses from 431 businesses from a wide range of sectors, including SMEs and larger employers. 

Highlights included:

Chamber President Caren Pegg said: “Cash flow – which was the main concern of respondents in the first survey – continues to be the major factor impacting businesses. One aspect of the latest poll of great concern to Chamber is that 19% of businesses have had to permanently close whilst 15% are considering it. This indicates that even when all of the lockdown restrictions have been lifted, there will be some businesses or areas of the economy that will not return. However, there is more positive news too with 82% of respondents expecting their business to survive the current situation if they receive the right government support at the right time.”

Caren added: “Businesses now need to know what the plan will be for the reopening of the economy. Even if the exact timescales for this cannot be confirmed yet, it will be very reassuring for businesses to know that the focus is shifting towards getting the economy back on track and that there is a plan for how this will be tackled.”

Here are some of the other headlines from the 8th to 15th April survey:

Businesses furloughing employees or reducing workforce

Awareness of government support schemes

Click here to view dashboard results