Isle of Man Chamber of Commerce Calls for Economic Growth to be at the Heart of the General Election
Isle of Man Chamber of Commerce is today launching a campaign to put economic growth at the centre of the upcoming General Election, warning that the Island has experienced its most serious economic contraction in a generation.
Official statistics show the Isle of Man economy contracted by an estimated 7.4% in the two years to March 2024 - among the most severe contractions the Island has experienced in living memory, and worse than the UK's peak-to-trough decline during the 2008 financial crisis. Since then around 1,000 jobs have been lost from key sectors including financial services, e-gaming, manufacturing and tourism. These are the sectors that have generated the Island’s economic growth for decades, so these losses affect all of us.
Chamber warns that without urgent action to restore growth, the Island risks falling into a cycle of declining opportunity, rising pressure on public services, and long-term economic decline. Chamber’s campaign is based on direct feedback from its members, its sector forums, and business leaders across the Island, alongside Chamber’s ‘Future of the Economy’ work.
Across these discussions, a consistent message has emerged: the Isle of Man does not lack ideas or ambition - but growth is being held back by slow decision-making, regulatory friction, and a lack of clear economic focus. Chamber says its campaign in the countdown to General Election polling day on September 24th will bring those issues into the public debate and ensure they are properly understood by voters and candidates.
Why this matters to everyone
This is not just about business or economics. A strong economy underpins everyday life, says Chamber. It is the jobs and personal earnings that the Island needs to provide for families. It pays for the health care and other public services we all depend upon. Without a strong and growing economy, everyone on the Island will feel the impact.
A clear challenge to candidates and voters
Chamber is calling on all election candidates to set out clearly what they will do to restore growth, and on voters to demand answers.
Chamber President Claire Watterson said: “For over 30 years the Isle of Man was one of the fastest-growing economies in the developed world. That success was built through genuine partnership between government and business, with a clear focus on growth. That focus has been missing in recent years. This election is the moment to restore it. Economic growth is not just a business issue, it is a living standards issue. Without it, there is no sustainable way to fund healthcare, housing, or public services. The question every voter should put to every candidate is a simple one: if the economy does not grow, how will you pay for the services people expect?”
Securing the Island's economic foundations
As part of this campaign, Chamber will also set out what is needed to secure the Isle of Man's long-term economic foundations. That means addressing the key enablers of sustainable growth:
- Energy and long-term cost stability
- Connectivity to the UK and beyond, and access to international markets
- Skills, workforce and population
- Housing and infrastructure
- Faster and more effective government delivery
These are not separate issues, says Chamber, they are interconnected drivers of economic success.
Earlier this year, Chamber produced a paper about the future of the Isle of Man’s economy (go to www.iomchamber.org.im/policy-voice) built on sessions with Chamber’s Gold Members (longstanding corporate supporters), conversations across the wider membership, and input from sector leads and the Chamber Board. It sets out a detailed analysis of the Island's competitive position, its strengths, and a clear framework for action. The paper has been shared with Isle of Man Government Ministers to help support and shape policy discussions and delivery across government, with a clear invitation to discuss how its recommendations can be progressed.
What comes next?
The first phase of the campaign will focus on the current state of the economy, helping the public understand where the Island stands and why growth matters. Over the coming weeks, Chamber will bring key themes to the forefront of the election debate, engaging with candidates, members, and the wider public ahead of polling day.