Challenges Faced By Small Businesses

Challenges Faced By Small Businesses

Mar 05, 2024Simon Gardner

Chamber warns of missed opportunities

The Isle of Man Chamber of Commerce is warning the government is in denial about challenges facing businesses, employees and the economy.

The group says the Budget is yet another missed opportunity to address many long-running issues which the organisation has highlighted for several years as being barriers to economic growth.

According to the Chamber, the Budget won't drive economic growth or address the many challenges businesses face in many sectors such as rising costs, labour and skills shortages.

They also claim the Island is facing a demographic time bomb that could explode in the next decade.

The Budget, says Chamber, increases the tax burden for many workers at the same time as increasing the budgets for all government departments exposing a failure to focus on their efficiency and value for money.

Positives identified included help for workers needing childcare and a review of procurement regulations to maximise benefit to the local economy.  From Manx Radio Article

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