Chief Minister 'expects Manx Utilities will have no choice but to start raising prices substantially'

Ahead of next week's budget, the Chief Minister has warned he expects electricity prices to continue to rise substantially on Island.

It come as Alf Cannan has been giving a speech to the Alliance of Isle of Man Compliance Professionals. 

Mr Cannan says he expects Manx Utilities will have 'no choice', adding he believes 'tough economic conditions won't get any easier over the next 12 months.'

He commented 'Inflation, whilst perhaps peaking, is continuing to cause pressure on the cost of living.' - It comes as inflation on Island currently stands at 8%, a jump of 0.6% on the previous month.

However, Mr Cannan also said the Government’s plan to grow the economy and create 5,000 new jobs would make a difference.

He added plans are being put in place 'for long term success' and to make the Island 'a better place.'