Cannan warns of continued economic pressures
The chief minister has warned that Manx Utilities will have ‘no choice’ but to start raising prices ‘substantially’.
Alfred Cannan has given a speech to the Alliance of Isle of Man Compliance Professionals ahead of next week’s Budget.
He told the meeting that the ‘tough economic conditions’ being experienced by residents and businesses ‘will not get any easier over the next 12 months’.
And he hinted at further hikes in energy bills saying: “I expect that Manx Utilities will have no choice but to start raising prices substantially.
“I know that maturing fixed term mortgage payments are going to be an immense shock to some.
“Inflation, whilst perhaps peaking, is continuing to cause pressure on the cost of living and of course we continue to live with the global uncertainty created by a dangerous conflict on our doorstep."
However Mr Cannan claims government’s plan to grow the economy – and create 5,000 new jobs – will make a difference.
He added: “This government is putting in place the foundations for long term success.
“We are not thinking in the short term – we have a long term plan in place that will not only gives us another 15 years of economic growth but that will make the Island a better place.
“A better place to live and work, a better place for a more just society and a better place for people from all walks of life to succeed, not just in business and industry, but in sports, the arts and their daily lives.”