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Economic outlook for businesses is 'bleak', minister told

Allinson asked about impact assessment of impending tariff rises

The Treasury Minister says businesses feel the economic outlook for them is 'bleak' amid rising costs and impending increases to electricity prices.

Dr Alex Allinson was questioned in the House of Keys today about what impact assessments have been undertaken for domestic and business customers ahead of tariff increases.

There were concerns raised by Douglas North MHK David Ashford that if consumers cut back on spending due to financial pressure that could have a wider impact on the economy.

Dr Allinson says consumer confidence is key but the business community is indicating that there's no real optimism right now that things will improve:

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