Treasury Minister reflects on Shoprite sale to Tesco

It's nearly a week since the news was announced

Nearly a week after Shoprite announced it was selling all its stores to Tesco, the treasury minister has been reflecting on what it means for the Isle of Man.

Alex Allinson says there will be no immediate financial loss because large retailers, including Tesco, pay tax over here which amounts to between £2.3 and £2.5 million a year.

He's also hopeful that because of our record low unemployment and high number of vacancies, anyone whose job is at risk will be able to find a new position, with support if needed.

Dr Allinson acknowledges it's a period of change, especially for local producers, but believes there is reason to be optimistic:

Listen to the treasury minister's discussion in full HERE.