IOM Chamber of Commerce 'welcomes' CoMin reshuffle

The treasury minister's been sacked over the speed of the introduction of a new minimum wage

The Isle of Man Chamber of Commerce, which has been vocal in its opposition to the speed of the implementation of the new minimum wage, has welcomed this morning's Cabinet reshuffle.

Earlier today (Monday 19 January), the chief minister announced he'd asked both the treasury and infrastructure ministers to step down from their posts.

Alfred Cannan told Alex Allinson it was because 'business had lost considerable confidence in Government'.

The Chamber of Commerce has previously raised concerns about the speed of the implementation of the minimum wage increase on the Island and the impact it would have on employment, business viability and the wider economy.

Chamber President Claire Watterson says: "We support the reshuffle. 

"With only nine months remaining in this administration, clarity, focus, and delivery are essential. 

"This is the right moment to ensure government is aligned around outcomes that genuinely support the Island’s economy and its people. 

"Businesses are looking for stability, proportionate policy decisions, and a clear sense of direction. 

"A Council of Ministers that’s more focused on the economic priorities, and more in tune with business needs, creates a real opportunity to support economic growth this year. 

"If the new Council of Ministers delivers on the most pressing economic and business issues, it will also create a firm foundation for the new government that will be formed after the General Election in September."

Meanwhile, the Chamber's also welcomed comments from new Treasury Minister, Chris Thomas MHK, who says says his immediate focus will be taking a slower approach to the implementation of the minimum wage and to ensure there is a substantial rise in personal allowances at the Budget, which is due to take place on Tuesday 17 February.

Due to widespread concerns about the negative impacts of the 9.9% increase due to come into effect in April, which the Chamber says includes the possibility of job losses and business closure, it's been campaigning strongly for a review of the increase. 

Chamber CEO Rebecca George says: "Chamber has consistently supported a fair, evidence-based approach to wage-setting that protects lower-paid workers while remaining sustainable for employers and the wider economy. 

"Minimum wage policy needs to strike the right balance. 

"Fair pay matters, but so does business viability, particularly for small and labour-intensive employers. We look forward seeing more details from the new Treasury Minister regarding the minimum wage.”

The Chamber says it will continue to engage constructively with government as the new Council of Ministers sets out its priorities and will work to ensure the voice of the business community remains central to decision-making about economic policy.