Response to rising inflation and unemployment

Treasury Minister Anne Craine has spoken of the need for the Manx government to provide continuing protection for those most vulnerable to rising prices.

She was commenting on a 0.6 per cent increase in the Isle of Man's annual rate of inflation, and a slight rise in unemployment to a figure representing just over two per cent of the economically active population.

Mrs Craine says inflation is a worldwide problem at present, to the extent that central banks are beginning to raise their base rates in response.

She says the Island cannot insulate itself from external price pressures, but must provide assistance for people such as individuals and families on low, fixed incomes.

Mrs Craine says the March unemployment figure of 891 was disappointing, but past trends suggest a better picture over the next few months.