Chamber of Commerce reacts to 2021 budget

The Isle of Man Chamber of Commerce says it broadly welcomes the 2021 budget announced this week.

The organisation says it considers it a safe and solid set of measures which are appropriate in the context of the uncertainties created by the Covid-19 pandemic, however it does have concerns about predictions the Island's economic recovery.

A spokesperson for Chamber says: "It was always going to be a difficult Budget against the backdrop of the recent and continuing Covid-19 challenges, and the lack of certainty about the future which makes predictions so much harder. The Treasury Minister’s ‘Budget of resilience’ reflects that by focusing on stability.

"We welcome the support provided for the Economic Recovery Group, but have concerns about whether the measures announced go far enough, or will be implemented fast enough, especially when considering the ambitious targets that have been set for full recovery within two to three years.

The plans for the next financial year unviled by Treasury Minister, Alf Cannan MHK, on Tuesday revealed the global pandemic has cost the Isle of Man just over £200million so far.