CoC: 'Economic growth must be at heart of General Election'

Economic growth must be ‘at the heart’ of this year’s General Election to combat the most serious economic contraction in a generation.

That’s the warning from the Isle of Man Chamber of Commerce which says the Island is at risk of falling into a cycle of declining opportunity.

Statistics show the Island’s economy contracted by an estimated 7.4 percent in the two years to March 2024.

That’s 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.

Since then around 1,000 jobs have been lost from key sectors including financial services, e-gaming, manufacturing and tourism.

The Chamber of Commerce has launched a new campaign calling for candidates to set out what they will do to restore growth and says it wants voters to demand answers.  

Chamber President Claire Watterson said: "For over 30 years the Isle of Man was one of the fastest-growing economies in the developed world.

"That success was built through genuine partnership between government and business with a clear focus on growth.

"That focus has been missing in recent years.

"This election is the moment to restore it.

"Economic growth is not just a business issue; it is a living standards issue.

"Without it, there is no sustainable way to fund healthcare, housing, or public services.

"The question every voter should put to every candidate is a simple one: if the economy does not grow, how will you pay for the services people expect?"

The Chamber believes the key, interconnected, enablers of sustainable growth are:

• Energy and long-term cost stability

• Connectivity to the UK and beyond and access to international markets

• Skills, workforce and population

• Housing and infrastructure

• Faster and more effective government delivery

Chris Corlett is the Legislation Group Lead and Rebecca George is the Chief Executive

The General Election will take place on 24 September; you can find out more HERE.