Chamber of Commerce feels government 'should have done more' to protect people from electricity price hike

The Island's Chamber of Commerce feels government 'should have done more' to protect people on Island from the latest electricity hike.

It comes as Manx Utilities has confirmed a price increase of more than 50% - which will be brought into force in two stages, in April and July.

In a statement, it says it 'acknowledges the pressure being put upon on all energy suppliers due to global factors' but feels the Island's budget - which was announced last month - 'ignored' the impact on local businesses the soaring electricity prices would have.

It adds one of its major concerns is the increasing cost of Government’s payroll and pensions expenditure (up £50million since the 2022/2023 Budget). 

It says a different approach to its priorities regarding fiscal policy, could have allowed Government to do more to protect residents, employees and businesses from electricity and gas tariff increases.